This year the festival of Dhanteras is being celebrated both yesterday and today. Its Muhurta is from 2 pm on Saturday to 6 pm on Sunday. According to an estimate, this year the business of more than 45 thousand crores was done while the jewelery business was around 25 thousand crores in two days. The rest of the business of about 20 thousand crores was done in automobiles, computer and computer related goods, furniture, home and office furnishings, sweets and snacks, kitchen items, all kinds of utensils, electronics, mobile items.
BC Bhartia, National President of Confederation of All India Traders (CAIT) and National General Secretary Praveen Khandelwal said that yesterday and today two days in the markets across the country, the assessment of the rush of customers and eagerness to buy goods confirms that. Two years away from the market due to Corona, customers have now come back again in the market with full enthusiastically.
It is estimated by CAIT that this year the sales figure of the festive season will cross 1 lakh 50 thousand crores and especially in the markets across the country, Indian goods are being given prominence. China will suffer a loss of more than 75 thousand crores of Diwali related goods this year.
Gold demand jumps by 80% in September quarter
Pankaj Arora, National President of All India Jewelers and Goldsmiths Federation, an affiliate organization of CAT, said that the Indian gold industry has fully recovered from the Corona crisis. The demand for gold has reached its highest level. India’s gold demand grew by up to 80% year-on-year in the domestic market in the July-September quarter after a strong spurt in economic activity and improved consumer demand.
Gold imports have come down
Arora said that gold imports in India have decreased by about 11.72% in 2022 as compared to 2021. Last year, where India imported 346.38 tonnes of gold in the first half, it was now 308.78 tonnes, which was compensated by the reserve stock of the crisis arising out of the Corona period. At the same time, a large number of people across the country gave old jewelry to new jewelry, which is also called recycle gold. He told that due to the two-day Dhanteras festival, there has been a huge sale of gold and silver coins, notes, sculptures and utensils in the country along with gold and silver coins worth about 25 thousand crore rupees.
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