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CTI general secretary and gold trader Gurmeet Arora said that gold and silver trade alone is expected to have a turnover of about 200 crores.
New Delhi: The wedding-related business in Delhi is expected to cross one thousand crore rupees in a day, because in the national capital, there are about 21 thousand weddings on the day of Akshaya Tritiya. Akshaya Tritiya is an auspicious day according to the Hindu calendar. According to the Hindu calendar, Akshaya Tritiya, which is celebrated every year on the Tritiya of Shukla Paksha of Vaishakh month, is on Wednesday this year. According to the Chamber of Trade and Industry (CTI), it is one of the extreme days of the wedding season, which benefits many types of businesses including banquet halls, hotels, caterrenders, salons, decorators, events manager and orchestra.
Banquet hall and hotel prices rose by about 15 percent
CTI has estimated that on Wednesday, the total marriage-related business in Delhi can cross one thousand crore rupees. CTI chairman Brijesh Goyal said that due to high demand, the rates of banquet halls and hotels have seen a 10-15 percent increase. CTI general secretary and gold trader Gurmeet Arora said that gold and silver trade alone is expected to have a turnover of about 200 crores. However, buyers are showing more interest in light weight jewelery due to gold prices being at record high.
Customers making small and light gold jewelery due to expensive
Arora said that the price of gold has increased significantly. Last year, the price of ten grams of gold on Akshaya Tritiya is around Rs 97,000 at this time. As a result, traders are focusing on small, light gold and diamond jewelery to meet customers’ demand. It is estimated that families spend about 10 percent of their wedding budget on clothes, 15 percent on jewelery and 5 percent on electronics, sweets and dry fruits. According to Deepak Garg, Senior Vice President of CTI, the share of expenditure on gift goods is about 4 percent.
He said that in the service category, 5 percent of the budget is usually spent on banquet halls and hotels, 3 percent on management, 10 percent on tents and decoration services and 10 percent on other services like catering. He said that 4 percent of the total expenditure is spent on flower decoration, while about 15 percent is spent in total on transport, photography and music related services.
