Confederation of All India Traders (CAIT) reported on Diwali sales 2023. Retailers across the country registered a record trade of Rs 3.75 lakh crore during this year’s Diwali season so far with almost only India products sold this Diwali, said traders body CAIT.
CAIT National President BC Bhartia and Secretary General Praveen Khandelwal in a joint statement said that the festival trade of Rs 3.75 lakh crore; where spending on jewellery remained of 9 per cent.
With Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja and Tulsi Vivah yet to be solemnized, these festivals may attract another trade of Rs 50,000 crore, the traders’ body added. In addition, the upcoming wedding season starting from Dev Uthan Ekadashi on November 23 to December 15 is expected to generate business worth Rs 4.5 lakh crore with around 35 lakh weddings likely to be solemnized during the period, CAIT said.
According to Bhartia and Khandelwal, the Delhi region alone may host 3.5 lakh weddings, generating Rs 1 lakh crore in the region. Last year, about 35 lakh weddings took place during the same period, generating business worth Rs 3.75 lakh crore.
Ahead of Diwali, 2023 Dhanteras also jumps over 20% YoY! Gem and Jewellery (GJ) industry and trade charted the post Dhanteras, the day where buyer brought gold & jewellery in a single day! In the row Saiyam Mehra, Chairman GJC said, “The Dhanteras was very auspicious for the gems and jewellery industry.
Sales of almost 25 tonnes of Gold was witnessed with an estimated revenue of 25000 crores which includes silver, lab grown, Diamonds, Gem stones. GJC’s initiative India Jeweller Shopping Festival (IJSF) has also helped in generating higher demand with the jeweller this year.
This also shows India’s love for Gold and with such good response, we as an industry are confident to play a bigger role in development of the nation.”
On the other hand, ex-Chairman GJEPC, Colin Shah of Kama Jewelry stared on performance of yellow metal during Dhanteras 2023. He said, “Dhanteras this year has added more sheen to the yellow metal as the sales of gold jewellery witnessed a rise of 15–25% during the day, surpassing two-day from last year.
Overall, this festive season has seen the strongest performance, and we foresee this trend to breach new levels in the years to come.”
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