- Consumers spent an estimated Rs 1 lakh crore during this year's Dhanteras festival
- Gold and silver sales accounted for Rs 60,000 crore, a 25% increase from last year
- Gold prices rose 60% year-on-year, crossing Rs 1,30,000 per 10 grams during the festival
Indian consumers spent an estimated Rs 1 lakh crore during the Dhanteras festival this year, driven by robust gold and silver purchases despite sharp price increases, a leading traders' body said on Saturday.
The Confederation of All India Traders said gold and silver sales alone accounted for Rs 60,000 crore of the total, marking a 25% increase from last year, as shoppers flocked to bullion markets despite gold prices surging 60% year-on-year to cross Rs 1,30,000 per 10 grams.
"The past two days have seen an unprecedented rush in jewellery markets," said Pankaj Arora, national president of CAIT's jewellery chapter, the All India Jewellers and Goldsmith Federation.
Delhi's bullion markets recorded sales exceeding Rs 10,000 crore, he said in a statement.
Dhanteras, celebrated on the thirteenth day of the Hindu month of Kartik, is considered an auspicious day for purchasing gold, silver, utensils and other items symbolising prosperity. It marks the beginning of the five-day Diwali festival.
Silver prices also climbed roughly 55% to Rs 1,80,000 per kilogram from Rs 98,000 last year, but demand remained strong as consumers view precious metals as secure investments, CAIT said.
Beyond bullion, the festival generated Rs 15,000 crore in utensils and kitchen appliance sales, Rs 10,000 crore in electronics and electrical goods, and Rs 3,000 crore in decorative items and religious materials, according to the traders' group.
CAIT Secretary General Praveen Khandelwal, who is also a member of parliament, attributed the surge partly to reductions in goods and services tax rates and Prime Minister Narendra Modi's campaign promoting locally-made products.
"Consumers are showing a clear preference for Indian products, benefiting small traders, artisans and manufacturers," Khandelwal said.
Traditional markets, jewellery bazaars and local retail shops witnessed record customer turnout alongside modern shopping malls during the festival, CAIT said.
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