Dhanteras to generate over ₹1 lakh crore in business: CAIT
What's the story
The Confederation of All India Traders (CAIT) has predicted that Dhanteras will generate over ₹1 lakh crore in business across India today. The trade body said that gold and silver sales alone are expected to contribute over ₹60,000 crore. Despite high prices, consumer enthusiasm for festive buying remains strong with continued purchases of jewelry, silver coins, and traditional gifts during the festival.
Market trends
Shift in consumer preferences
The All India Jewellers and Goldsmith Federation (AIJGF) has noted a shift in consumer preferences toward lightweight jewelry, silver coins, and traditional gift items.
This trend suggests that high prices have not deterred consumers from their festive purchasing habits.
Along with gold jewelry, silver coins, and decorative items are also witnessing increased demand among buyers this Dhanteras.
Price impact
Gold prices and consumer adjustments
Gold prices have seen a marginal correction over the past week, but they are still about 20% higher than last year. At the time of writing, 24-carat gold was trading at ₹1,41,840 per 10gm.
The price difference has led buyers to adjust their budgets and preferences for this Dhanteras.
Instead of skipping gold purchases altogether due to high prices, many consumers seem willing to opt for lighter jewelry and smaller-ticket products.
Future insights
Final sales picture pending
The final picture of Dhanteras sales will be clearer once retailers report transactions across different markets.
The AIJGF has said it will issue a detailed statement by evening, updating on consumer response and sales performance nationwide.
This assessment is expected to provide further insight into demand for gold jewelry, silver coins, and other festive merchandise during this year's Dhanteras celebrations.