CAIT, Retail News, ET Retail

Around Rs 40,000 crore of business is expected to be generated on this Dhanteras, which is spread over the weekend, on the back of positive consumer sentiment, the Confederation of All India Traders (CAIT) said on Saturday. Dhanteras, the first day of Diwali, is considered auspicious to buy new items, especially gold, silver jewellery, all kinds of utensils, kitchenware, vehicles, clothes and readymade garments, electronics, electrical goods among others.

This year Dhanteras is spread over the weekend, with the muhurat beginning from 2 pm on Saturday till 6 pm on Sunday.

“Around Rs 40,000 crores of business” is expected on two days festival of Dhanteras, CAIT national president B C Bhartia said in a statement.

All India Jewellers and Goldsmith Federation national president Pankaj Arora said there is great enthusiasm among jewellery traders across the country regarding the sale of Dhanteras on Saturday and Sunday, for which the industry has made elaborate preparations.

There is also demand for artificial jewellery that is also visible in the markets this year, while gold, silver coins, notes and idols are also likely to be bought in large quantities on Dhanteras, he added.

In conversation with ETRetail, Ahammed shares his insights on jewellery market and company’s plans for this festive season.

“We expect a healthy growth in the upcoming festive season, as there is pent-up demand in the market,” said Ahammed MP, chairman, Malabar Gold & Diamonds.

Mia currently has 84 stores, of which 44 were opened this year.

After the first wave of the pandemic, revenge purchases along with postponed weddings boosted demand, resulting in an exceptionally good Dhanteras in 2021, with sales crossing even the pre-pandemic levels.