The whole world is looking at India and its consumption story right now. Even the IMF has predicted India’s growth to be at 6 % plus this year while the western world is looking at 1% growth. This year’s Dhanteras and Diwali are looking extremely bullish. The festive season has started off with a big bang for Navratri and Dussehra. Prices of both gold and silver are very attractive, making it a key variable for people to come and make their purchases for the festive season. Dhanteras is the single biggest day for jewellery and bullion shopping in India. As it was last year, we are expecting a bumper Dhanteras that could clock 10000-12000 cr business in a single day across the country. The overall festive season will create business worth 25000 to 30000 cr. These are estimates shared by various statistical organisations. An average Diwali season in India across all product categories including apparel, electronics, automobiles, jewellery etc sees about USD 30 billion in sales, of which Jewellery category does business of about USD 4 Billion out of which USD 1.5 billion in sales are seen on Dhanteras alone.
On the consumption side, we expect customers to buy heavy jewellery this time around. Some light jewellery shopping is expected for Bhai dooj, largely for gifting. Diamond jewellery has also seen a surprise run this entire season and it is expected to continue. We have also seen a lot of pre-booking of jewellery to be picked up on Dhanteras. Customization of jewellery is the highest we have seen in a long time.Diwali festivities start on from a Saturday which is Dhanteras and goes on for the entire week ahead making it fantastic setting to do great retail business. Over all we are expecting a 30% increase in sales from last Diwali season.
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