This year's Dhanteras was remarkable, with Indian consumers spending an astonishing ₹1 lakh crore. This spending spree was largely driven by the rising prices of gold and silver, which did not deter buyers. Gold prices soared to ₹1,30,000 per 10 grams, yet the demand surged, resulting in a 25% increase in sales compared to the previous year.

The Confederation of All India Traders (CAIT) highlighted that gold and silver purchases alone accounted for ₹60,000 crore of this total. Pankaj Arora, the national president of the All India Jewellers and Goldsmith Federation, noted an unprecedented rush in jewelry markets, emphasizing the strong consumer interest despite the sky-high prices.

Silver also enjoyed its moment in the spotlight, with prices climbing approximately 55% to ₹1,80,000 per kilogram compared to last year. This increase did not dampen demand; instead, consumers flocked to purchase silver, viewing it as a safe investment. In fact, sales of silver coins surged by 35-40%, showcasing a shift in buying patterns as many opted for this budget-friendly option.

In Delhi alone, gold and silver sales crossed the ₹10,000 crore mark, indicating a thriving market. Despite a reduction in the overall volume of gold sales by about 15%, the value of sales remained robust, driven by strategic purchasing behaviors among consumers. The All India Gem and Jewellery Domestic Council (GJC) expects festive sales to exceed ₹50,000 crore.

Interestingly, alongside gold and silver, consumers also showed interest in other items during Dhanteras. Sales of utensils reached ₹15,000 crore, while electronics and electrical goods accounted for ₹10,000 crore. Additionally, decorative items and religious materials saw a combined expenditure of ₹3,000 crore, indicating a broad spectrum of purchase interests during the festival.

The upward trend in gold prices did see some correction as profit booking occurred, leading to a slight dip in gold prices in major cities like Delhi and Mumbai. However, this correction further stimulated purchases, especially in smaller denominations. Overall, the Dhanteras shopping experience reflects a blend of tradition and modern investment strategies, highlighting the evolving consumer behavior in India.