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Dhanteras boom in the market, purchase of gold jewelery across the country worth Rs 7500 crore

Dhanteras 2021: This year the market is witnessing tremendous enthusiasm on Dhanteras. The smile is back on the faces of the bullion traders, who have been hit by recession for two years, about the purchase of Dhanteras Diwali festival. Bullion traders across the country including the capital Delhi have done a great business of gold, silver jewelery and other items.

Gold purchase worth Rs 7500 crore on Dhanteras

Confederation of All India Traders (CAT) and CAT’s jewelery wing All India Jewelers and Gold Smith Federation (AIGF) have issued a joint statement saying that around 15 tonnes of gold jewelery has been sold across the country on Dhanteras, whose value is around Rs. 7500 crores is Rs. Where gold and silver have been purchased in Delhi worth about Rs 1000 crores, in Maharashtra, about Rs 1500 crores, in Uttar Pradesh about 600 crores and in South India, gold jewelery worth about 2000 crores has been purchased. CAT’s National General Secretary Praveen Khandelwal told that Dhanteras has its own special significance in all the festivals in the country since ancient times. On this day people across the country buy gold and silver coins or jewellery. It is believed that buying money (thing) on ​​this day increases it thirteen times. He told that on the day of Trayodashi of Krishna Paksha of Kartik month, Lord Dhanvantari had appeared with the nectar urn at the time of churning of the ocean, hence this date is known as Dhanteras or Dhantrayodashi. Gold and silver have been the first choice of investors in the country since ancient times. Every Indian family buys gold and silver on the day of Dhanteras according to their status. At the same time, the custom of buying utensils is also going on for a long time.

50 percent jump in gold demand

Pankaj Arora, National President, AIJGF, said India’s gold demand grew by 50% year-on-year in the July-September quarter after a strong jump in economic activity and improved consumer demand this year. He said that in the first half of 2021, more gold has been imported than the previous year. He said that in view of the demand of customers during the festival of Diwali and the wedding season that starts after that, bullion traders across the country have made elaborate preparations for the availability of gold jewelery and other items.

Raunak returned to the market after 19 months

Traders say that along with jewelry, there is a possibility of a big sale of gold and silver coins, notes, sculptures and utensils. This shine is being seen for the first time in the jewelery market after 19 months of the Korana period. Due to this, bullion businesses across the country are excited. The good news is that buyers are increasingly turning to bullion for investment purposes along with jewelery and other products for their own use.

Now looking forward to the wedding season

In the year 2019, the price of gold was Rs 38923 per 10 grams and the price of silver was Rs 46491 per kg, whereas in the year 2020, in the month of November, the price of gold increased to Rs 50520 per 10 grams and the price of silver increased to Rs 63044 per kg. Whereas today, on the day of Dhanteras, the price of gold stood at 49300 per 10 grams while the price of silver was 66300 per kg. Due to the Corona epidemic, where the consumption of gold ornaments in the country was 101.6 tonnes in the second quarter of the year 2019, the consumption fell by 48% to 52.8 tonnes in the second quarter last year, whereas in the first half of this year about 700 tonnes of gold Import shows that this year the business of gold is going to be very good. Now traders are waiting for the wedding season. The big season of more weddings is coming from mid-November to next year and the sale of gold, jewelery and other items related to the wedding is also likely to increase in a big way.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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