Indore (Madhya Pradesh): The commercial capital of the state's markets witnessed brisk buying during the auspicious Ravi-Pushya Nakshatra period ahead of Diwali, with total business estimated at Rs 850 crore. The 22-hour auspicious window saw nearly 15 hours of sustained shopping, with markets opening as early as 7 am and customer footfall continuing until midnight.
The gold and silver jewellery trade recorded an estimated 15% increase in sales compared with last year, according to traders' associations. The automobile sector also reported strong demand, with around 700 cars and 1,500 two-wheelers delivered during the period. Real estate, electronics and home appliances further contributed to the festive business.
Lightweight jewellery in demand
Traders said falling gold and silver prices ahead of this year's auspicious period boosted buying sentiment, unlike last year, when prices were rising. Customers increasingly opted for lightweight jewellery, while demand for 18- and 16-carat gold ornaments also remained strong. Gold coins and bars attracted buyers looking at precious metals as an investment rather than solely as jewellery.
Basant Soni, secretary of the Indore Sarafa Traders Association, said gold prices had risen by around 80% between the pre-Diwali Pushya Nakshatra periods of 2024 and 2026, while silver had delivered returns of more than 90%.
In 2024, gold was priced at Rs 80,900 per 10 grams and silver at Rs 98,300 per kg. This year, 24-carat gold was trading at Rs 1,40,600 per 10 grams and silver at Rs 1,82,800 per kg.
SUVs, hatchbacks and EVs also in demand
Vishal Pamnani, joint secretary of the Indore Automobile Dealers Association, said around 700 cars were delivered, covering segments such as SUVs and hatchbacks. Deliveries also included CNG-powered vehicles and electric vehicles. Around 1,500 two-wheelers were sold during the period.
Estimated sector-wise business
Gold, silver, jewellery and diamonds: Rs 300 crore
Automobiles, including two-wheelers, cars and commercial vehicles: Rs 250 crore
Real estate bookings: Rs 200 crore
Electronics, home appliances and clothing: Rs 100 crore
(Figures provided by traders' associations)
