On account of Dhanteras, the jewelry industry experienced sales of Rs 25,000 crore in just two days
On the occasion of Dhanteras, the jewelry industry experienced sales of Rs 25,000 crore in just two days, while the nation’s overall business exceeded Rs 45,000 crore. On October 22 and 23, the entire nation observed the Dhanteras holiday. According to the Chief Business Officer at Razorpay, Rahul Kothari, Diwali is one of the most successful seasons for all online merchants due to rising customer disposable incomes and a larger propensity to make expensive purchases. The businesses that are most aware of consumer trends typically sell much more even while all businesses continue to compete for the highest consumer mindshare. The business community as a whole would benefit from knowing the historical trends that they have seen because the company is always focused on assisting other organizations to reach a super-scale stage.
The India-Pakistan cricket match caused a brief halt in the jewelry market on Sunday, but following the game, sales rose significantly all around the nation, according to jewelers. Suvankar Sen, the managing director and CEO of Senco Gold and Diamonds in Kolkata, claimed that factors such as lower gold prices, discount deals, customers’ positive attitudes, increased store foot traffic, and an increase in the average ticket size of purchases have brightened the auspicious Dhanteras shopping. Automobiles, computers and computer-related products, furniture, items required for home and office decorating, sweets and snacks, kitchenware of all types, all kinds of utensils, electronics, and mobile devices made up the majority of the remaining business, which was worth almost Rs 20,000 crores. The two-day Dhanteras holiday saw a significant increase in the sale of gold and silver coins, notes, sculptures, and household items in the nation, with a total value of about Rs 25,000 crore, according to the National President of the Confederation of All India Traders (CAIT). The significant foot traffic in marketplaces across the nation yesterday and today on the occasion of Dhanteras, according to CAIT Secretary General Praveen Khandelwal, indicates and demonstrates the public’s desire to purchase Indian items, particularly from offline shops. Corona created a two-year market downturn, but the never-ending influx of clients has cheered dealers and strengthened their position. The CAIT predicts that this year’s Diwali festival sales in the nation will top Rs 1,50,000 crore. Another benefit of the festival is that after a two-year market slump brought on by Corona, consumers now prefer to buy only Indian products. While this has cost businesses money, the unrelenting influx of customers has cheered traders and strengthened their position. The choice of people to buy exclusively Indian goods has cost China Rs 75,000 crores in revenue, which is the festival’s other positive aspect. The All India Jewelers and Goldsmith Federation, a CAIT affiliate organization, national president Pankaj Arora, claimed that the “Indian gold sector has fully recovered from the Covid crisis since the demand for gold in India has reached its pinnacle.” India’s demand for gold grew by up to 80% in the third quarter of 2017 as a result of a significant uptick in economic activity and better consumer demand. “Gold imports in India have declined by approximately 11.72% in 2022 compared to 2021,” claims Arora. In contrast to the first half of last year, when India purchased 346.38 tonnes of gold, it now imports 308.78 tonnes, which is offset by the reserve stock from the crisis during the Corona time.
National President of the Confederation of All India Traders (CAIT), BC Bhartia said, “Along with the jewelry business is done today and yesterday, the automobile industry also registered business of Rs. 6,000 crores, Rs. 1500 crores in furniture, Rs. 2500 crores in computer and computer-related products, Rs. 3,000 crores in FMCG, Rs. 1000 crores in electronics products, Rs. 500 crores in stainless steel, aluminum, and brass utensils, and Rs. 700 crores in kitchen appliances. Textile, ready-made clothing, and fashion apparel have all been registered, along with Diwali puja items, home and office décor, electrical and electronic gadgets, construction hardware, wood and plywood, and so on.”