Diwali/Dhanteras 2022: The two-day festival of Dhanteras saw strong sales of gold, jewelery and coins this year as the jewelery industry expected a business growth of up to 35 per cent over the previous year.
Jewelers said that although the jewelery market remained calm for a few hours on Sunday due to the India-Pakistan cricket match, after the match there was a rush of people and sharp sales were reported across the country.
Even slightly higher gold prices on Dhanteras spread over Saturday and Sunday did not deter consumers from buying. Dhanteras is considered the most auspicious day in the Hindu calendar for the purchase of valuables ranging from precious metals to utensils.
On Sunday, gold prices continued to reign at Rs 50,139 per 10 grams, excluding taxes, in the national capital, up from Rs 47,644 per 10 grams on Dhanteras day in 2021.
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Generally 20-30 tonnes of gold is sold on the day of Dhanteras. Not only precious metals and jewellery, people also buy vehicles and other items on this auspicious day.
Maruti Suzuki delivers over 21,000 vehicles on Dhanteras
The company’s Senior Executive Director (Marketing and Sales) Shashank Srivastava told PTI that Maruti Suzuki India Limited delivered an estimated 21,000 vehicles in two days of Dhanteras festival this year.
This was about 10 per cent higher than the previous year, but lower than the peak years of 2018 and 2019, he said, adding that there are still constraints on the availability of high-demand models that have long waiting periods.
All India Gem & Jewelery said, “The response since Saturday has been very good as the market has boomed across the country. We expect a 10-15 per cent growth in sales from 2021 levels.” House Council President Ashish Pethe told PTI.
Dhanteras sales increased after Indo-Pak T20 World Cup match
On the second day of Dhanteras on Sunday, there was a lot of excitement in the jewelery markets regarding the India-Pakistan cricket match. But after the match, the number of people increased and the shopping activities in the shops intensified.
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According to Somasundaram PR, Regional CEO, India, World Gold Council, sales this Dhanteras were reported to be 15-25 per cent better than last year as the festive occasion rekindled strong consumer sentiment in favor of gold .
Somasundaram said, “While it is difficult to predict demand on a particular day from industry accounts, it appears that post Navratri Dhanteras has ushered in a period of high demand and this will be reflected in other metrics in the next few weeks. should.”
Saurabh Gadgil, chairman and managing director of Maharashtra-based PNG Jewellers, said the festival was over the weekend, which helped boost sales and “the sales volume is expected to increase by 25-30 per cent over the previous year”.
He said around 80 per cent purchases this year were for jewelery and the rest were bullion, indicating that people’s confidence in the economy is back and consumption is at an all-time high.
Dinesh Jain, Managing Director, PM Shah Jewelers said, “Extraordinary demand and sales have been reported so far. We have witnessed 30-35 per cent growth in sales volume and 40-45 per cent growth in value terms during the two-day festival. are supposed to.”
Not only pre-wedding jewellery, this time there was a fresh purchase of gold jewelery and coins. An interesting trend was that most consumers were making digital payments, he said.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewelers India said, “We have registered strong pre-bookings for purchases this Dhanteras.”
In the Middle East, the last three quarters have performed consistently and Dhanteras is also showing good traction. “With the wedding season reaching its peak next month, we are confident that the overall demand will continue to pick up,” he added.
Suvankar Sen, managing director and CEO, Kolkata-based Senco Gold & Diamonds, said factors such as lower gold prices, discount offers, positive customer mindset and increasing number of customers at the stores as well as increase in the average ticket size of purchases have led to Happy Dhanteras has been illuminated. Purchase
“Standard low double digit sales are expected in terms of value for the season. Urban centers have seen higher growth than rural centre’s demand. This could probably be due to a muted monsoon,” he said. Told.
Vaibhav Saraf, Director, Uttar Pradesh-based Aishpra Gems & Jewels said, “We have seen high volatility in light gold jewelery and coins this year. Overall, we expect over 15 per cent growth in sales as compared to last year. We do.”
The Confederation of All India Traders (CAIT) said the estimated business during the two-day Dhanteras this year was around Rs 45,000 crore, with the jewelery business at around Rs 25,000 crore.
CAIT said in a statement that the rest of the business of about Rs 20,000 crore is in automobiles, computers and computer related goods, furniture, essential items for home and office decoration, sweets and snacks, kitchen items, all types of utensils, electronics Happened. ,
After a two-year slump in the market due to Covid-19, CAIT estimated that this year’s Diwali festival business figure will cross Rs 1.5 lakh crore in the country.
Apart from the jewelery business, CAIT national president BC Bhartia said the automobile sector contributed about Rs 6,000 crore, furniture about Rs 1,500 crore, computers and computer-related items about Rs 2,500 crore, FMCG about Rs 3,000 crore. business is registered. Electronics goods around Rs 1,000 crore, stainless steel, aluminum and brass utensils around Rs 500 crore.
He said that during Dhanteras, kitchen appliances and other kitchen items are expected to register a business of about Rs 700 crore, while textiles, readymade garments and fashion clothing have registered a business of about Rs 1,500 crore.