Surge in Gold and Silver Purchases on Dhanteras: India witnessed a estimated trade exceeding ₹50,000 crore

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Gold and Silver Purchases on Dhanteras: I wanted to share some exciting news about the Dhanteras shopping frenzy for gold and silver. On Friday, November 11, there was an amazing increase in sales, projected to be around 20% higher than last year. This surge is all thanks to the recent decrease in prices. Let’s dig into the details behind this surge and what it means for the market.

Gold Prices Dropped During Dhanteras Sale

It’s great to see that both physical stores and online platforms experienced a significant rise in customer footfall on November 11. The main reason for this uptick is that gold prices have become relatively more affordable compared to their previous peak of ₹63,000 per 10 grams, which was observed just ten days ago. As a result, there has been a boost in sales, especially for lightweight gold items.

Speaking of gold prices, they have dropped by ₹800–1,500 per 10 grams (24 carats) since their peak on October 28. On Friday, the prices reached ₹61,200 per 10 grams in the national capital. This is a significant difference from the ₹50,139 per ten grams recorded on Dhanteras last year. The price decline has not only encouraged more buying but has also attracted a wider range of customers, including those interested in lightweight gold pieces.

Sales Count

Now let’s talk about the anticipated sales volume and value. On average, Dhanteras sees a sale of about 20–30 tons of gold, making it the most auspicious day in the Hindu calendar for purchasing precious metals and utensils. This year, the All India Gem and Jewellery Domestic Council (GJC) Director, Dinesh Jain, expects the total sales to surpass 30 metric tons nationwide, surpassing the approximately 22 metric tons sold during the same period last year.

Moving on to the jewelry sales overview, All India Jewelers and Goldsmiths Federation National President Pankaj Arora shared that about 41 tons of gold and about 400 tons of silver jewelry and coins were sold across the country on Dhanteras. When it comes to value, the estimated total turnover of gold, silver, and other items is around ₹30,000 crore nationwide.

Dales Distribution By Region

As for the regional distribution of sales, about 60 percent are expected to come from South and West India, while the remaining 40 percent will be from the Eastern and Northern regions. These variations highlight how cultural and economic factors influence buying patterns in different parts of the country.

Automobile Sector shows positive impact

Beyond the jewelry sector, Dhanteras also had a positive impact on various industries. Automobile manufacturers, consumer goods companies, and appliance makers all reported fantastic sales figures. For example, Maruti Suzuki’s Senior Executive Officer Marketing and Sales, Shashank Srivastava, predicts over a 21 percent increase in deliveries in the passenger vehicle industry.

The electronics and appliances sector also experienced growth during this festive period. Companies like LG Electronics, Panasonic, and Godrej Appliances saw their pre-Diwali Dhanteras sales grow by 15 to 20 percent. This indicates strong consumer sentiment across multiple sectors.

Trade on Friday exceeded ₹50,000 crore

Overall, the Confederation of All India Traders (CAIT) estimates that the country witnessed a trade exceeding ₹50,000 crore on Friday. Delhi alone contributed ₹5,000 crore to this economic activity. The significant economic impact of Dhanteras is clear.

In conclusion, the surge in Dhanteras gold and silver purchases is a result of multiple factors, including lower prices, cultural importance, and overall economic sentiment. As we continue with this festive season, the various impacts on different sectors highlight how economic activities intertwine during such celebrations.

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