Gold jewellery sales worth Rs 7,500 crores on Dhanteras festival: CAIT, AIJGF

Vibrancy has returned to the Indian jewellery market almost two years after the Coronavirus pandemic threw several curveballs at the economy. Jewelers saw sales worth Rs 7,500 crores and around 15 tonnes of gold jewellery were sold on the Dhanteras festival. This includes an estimated sale of Rs 1,500 crore in Maharashtra, Rs 1,000 crore in Delhi, Rs 600 crore in Uttar Pradesh and Rs 2,000 crore in South India, besides other states of the country, as per the joint statement released by the Confederation of All India Traders (CAIT) and its jewellery arm, All India Jewelers’ and GoldSmith Federation (AIJGF).

CAIT President BC Bharatiya and Secretary General Praveen Khadelwal said that Dhanteras’ religious significance among the Indian population has led to such massive jewellery sales. They also added sales of gold, jewellery and other items will rise from mid-November to next year due to the upcoming wedding season.

National President of AIGJF Pankaj Arora said that India’s gold demand grew by 50 per cent year-on-year in the July-September quarter on strong jump in economic activity and improved consumer demand. He added that 700 tonnes of gold have been imported in H12021, much higher than last year.

The AIGJF national president added that price of gold was Rs 38,923 per 10 grams and silver was available at Rs 46,491 per kg in the year 2019 while in November 2020, gold price went up to Rs 50,520 per 10 grams and silver sold at Rs 63,044 per kg. Price of gold was Rs 49,300 per 10 grams while silver costs Rs 66,300 per kg today.

Arora further stated that jewelers across the country have made elaborate preparations for availability of gold jewellery in different designs and also other items of gold and silver in view of the demand triggered by the ongoing festive season and upcoming wedding season. He also believes that the fall in India’s COVID-19 cases graph and the record coronavirus vaccination numbers are other reasons for this rebound in the consumer sentiment.

Courtesy: Business Today