Jewellery sales hit ₹85,000 crore on Dhanteras, likely to cross ₹1 lakh crore by Diwali
Jewellery sales in India surged during the two days of Dhanteras, reaching ₹85,000 crore. Silver sales nearly doubled as consumers opted for affordable options due to the rising gold prices.
Jewellery sales across India witnessed massive growth during this year's two-day Dhanteras period, Strong demand pushed sales to an estimated ₹85,000 crore during the period, according to the All India Gem and Jewellery Domestic Council (GJC).
According to GJC Chairman Rajesh Rokde, approximately 50 to 60 tonnes of jewellery were sold across the country over the two days, amounting to nearly ₹85,000 crore. While the volume of sales remained on par with last year, the market witnessed a “remarkable growth” of 35-40 per cent in value terms, ANI reported.
“The response has been fantastic, with all categories of jewellery witnessing strong demand,” he added.
Silver sales nearly double amid rising gold prices
A major highlight this festive season is the soaring popularity of silver. As gold prices have risen, consumers have shifted focus towards more affordable option, causing silver sales to nearly double, marking a significant preference change among customers this season.
The increase in sales during Dhanteras was driven by its extended celebration. Spread over two days and coinciding with the weekend, the jewellery stores witnessed more footfall and sales, further amplified by the Diwali and Bhai Dooj festivities that follow.
“Silver, in particular, has seen a surge--sales have nearly doubled as customers showed a clear preference for silver this season. With Dhanteras spanning two days and coinciding with a weekend, followed by Diwali and Bhau Beej (Bhai Dooj), the five-day festive window is expected to deliver exceptional results,” GJC Chairman noted.
Jewellery market outlook
Looking ahead, the GJC is highly optimistic about the entire five-day festive window. They project the total jewellery sales to reach 100 to 120 tonnes, with an overall market value estimated to be in range of ₹1 lakh crore to ₹1.35 lakh crore.
Further highlighting the robust festive mood, the Confederation of All India Traders (CAIT) on Sunday estimated that total trade across all sectors during the festive season is expected to surpass a record ₹5 lakh crore, with offline markets witnessing a substantial surge, ANI reported.