Gold and silver sales are estimated to exceed Rs 66,000 crore, while automobiles, electronics and household goods contribute to festive retail spending despite rising precious metal prices
India’s retail trade on Dhanteras is estimated to have crossed Rs 1.25 lakh crore, with gold and silver sales contributing more than Rs 66,000 crore, even as elevated precious metal prices shaped consumer purchases. The buying extended to automobiles, electronics, utensils and household appliances, pointing to strong festive demand across retail categories.
The estimates were released by the Confederation of All India Traders (Cait) and the All India Jewellers and Goldsmith Federation (AIJGF), respectively. Delhi’s bullion markets alone recorded gold and silver business worth more than Rs 10,000 crore, according to AIJGF.
However, the increase in the value of precious metal sales needs to be viewed against the rise in prices over the past year. Gold was quoted at around Rs 1.44 lakh per 10 grams on Dhanteras, compared with Rs 1.30 lakh a year earlier, while silver prices rose to approximately Rs 1.90 lakh per kg from Rs 1.70 lakh.
The higher prices have influenced how consumers approach jewellery purchases, with demand extending to lightweight jewellery, traditional ornaments and silver coins. AIJGF said the actual volume of precious metals sold, rather than sales value alone, would be important in assessing the extent of demand.
Pankaj Arora, national president of Cait’s jewellery chapter and AIJGF, said jewellery markets across the country had witnessed strong customer footfall over the past several days. He estimated that gold and silver sales had exceeded Rs 66,000 crore nationwide.
Outside the jewellery segment, automobiles, smartphones, laptops, televisions, electrical appliances and kitchenware also contributed to festive purchases. Traditional retail markets, neighbourhood shops, automobile showrooms and electronics outlets reported strong customer activity, according to CAIT.
Praveen Khandelwal, secretary general of Cait and Member of Parliament from Chandni Chowk, attributed the buying momentum partly to GST rate reductions and the growing preference for domestically manufactured products. The trade body said the push for Swadeshi goods had supported local manufacturers, traders, artisans and small businesses.
CAIT said the preference for domestically manufactured products had supported local manufacturers, small traders, artisans and micro, small and medium enterprises (MSMEs). However, the trade body’s Rs 1.25 lakh crore estimate and AIJGF’s precious metal sales figure are industry estimates, with the actual performance of the market also depending on the quantities sold across categories.
