Indian Economy News

Gold sales rise 35% this Dhanteras despite inflationary pressures

  • IBEF
  • October 25, 2022

Despite inflationary pressures, gold sales increased 35% this Dhanteras compared to last year. This year's Dhanteras, saw growth for both light and heavy weight jewellery.

Purchases of bridal jewellery for the upcoming wedding season, which runs from November 15 to December 15, have also contributed to the increase in sales. As millennials have increased their online gold purchases, digital channels have also grown by 35-40%.

"With recent corrections in gold prices and a favourable monsoon, festive sentiment among retail consumers is very positive", said Mr. Surendra Mehta, National Secretary, India Bullion & Jewellers Association.

The country's biggest consumer of gold, South India, has seen an increase in demand for plain gold jewellery.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.