This time on the occasion of Dhanteras, all the old shopping records may be broken. A lot of money is expected to flow in the markets from the purchase of gold and silver, jewellery, utensils, electronics and other goods. According to traders’ organization Confederation of All India Traders (CAIT), there could be a business of more than Rs 1 lakh crore across the country on Dhanteras on Friday. In this, the sale of gold and silver alone is estimated to be more than Rs 60,000 crore. The special thing is that despite the high prices of gold and silver, the enthusiasm of the customers has not diminished.
Most emphasis on purchasing gold and silver
Buying gold and silver on Dhanteras is considered auspicious. This is the reason why this time also a good crowd of customers is expected at precious metal shops. According to CAIT, gold and silver sales on Dhanteras could exceed Rs 60,000 crore. According to All India Jewelers and Goldsmiths Federation (AIJGF), despite the high prices of gold and silver, the demand for them remains strong. However, now customers are preferring to buy light weight jewelery instead of heavy jewellery.
Increased demand for 14 and 18 carat jewelery
This time the demand for 14 carat and 18 carat light gold jewelery has increased in the jewelery market. Apart from this, silver coins, decorative items and items with auspicious shapes like fish, turtle and elephant are also attracting customers. Actually, due to high prices of gold, people are buying according to their budget. In such a situation, light weight jewelery and silver products are becoming popular among the customers.
Last year business was worth Rs 6.05 lakh crore
According to CAIT, last year a business worth Rs 6.05 lakh crore was done during the festive season in the country. In this, business of Rs 5.40 lakh crore came from sale of goods and business of about Rs 65,000 crore came from services. This time in the festive season, the business of the service sector is estimated to reach Rs 80,000 crore to Rs 1 lakh crore. This includes businesses like transportation, logistics, hotel, tourism, catering and event management.
Made in India products are getting a boost
The traders’ organization believes that this time the demand for local products is also playing an important role in increasing the business. Customers are giving preference to products associated with initiatives like ‘Vocal for Local’, ‘Made in India’ and ‘Atmanirbhar Bharat’. CAIT said that its initial estimate is based on data received from business organizations of different states, customer demand and increasing activities in rural and small town markets. The organization will release detailed business figures on Friday after assessing actual sales and customer response.
Input- IANS
Also read- People buying gold and silver on Dhanteras, gold became cheaper by ₹ 2000 and silver by ₹ 3000; Know the latest price of 24K and 22K
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