Gold, silver transactions on Dhanteras total Rs. 30,000 crore
What's the story
This year, Dhanteras, marking the beginning of the week-long Diwali celebrations, saw a big boost in trade across the country. Gold and silver transactions reached Rs. 30,000 crore so far. On November 10, trade across the country went over Rs. 50,000 crore, and Delhi alone contributed Rs. 5,000 crore. The festive spirit spurred purchases of automobiles, utensils, kitchen gadgets, and electronics.
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Gold costs Rs. 62,000 per 10g
Pankaj Arora, the National President of All India Jewelers and Goldsmiths Federation, mentioned that out of the total Rs. 30,000 crore turnover for gold and silver, gold products made up about Rs. 27,000 crore, and silver transactions were around Rs. 3,000 crore. Last year's Dhanteras business was roughly Rs. 25,000 crore. Meanwhile, gold prices rose from Rs. 52,000 per 10g last year to Rs. 62,000 per 10g this year.
Insights
Estimated sales and jeweler statistics
It is estimated that around 41 tons of gold and 400 tons of silver jewelry and coins were sold on Dhanteras. India has nearly four lakh small and large jewelers, with 1,85,000 registered under the Bureau of Indian Standards (BIS). An additional 2,25,000 small jewelers operate in regions where BIS standards have not yet been implemented. The country imports approximately 800 tons of gold and 4,000 tons of silver from overseas each year.