Raksha Bandhan 2024 Sales Soar: 'Made in India' Rakhis Surge as Market Hits Rs 12,000 Crore

The festival of Rakhi Purnima, also known as Raksha Bandhan, was celebrated with immense enthusiasm nationwide. This year witnessed a significant surge in rakhi sales, marking a notable increase compared to previous years and bringing extra joy to traders across the country. In a remarkable shift, there was a substantial rise in the purchase of 'Made in India' rakhis, with consumers opting for domestic products over imports. For the first time in many years, rakhis and rakhi-making supplies were sourced locally rather than from China.

According to the Confederation of All India Traders (CAIT), markets across the nation experienced unprecedented crowds for rakhi purchases, shattering previous sales records. This year, the rakhi business surpassed the Rs 12,000 crore mark, highlighting a substantial increase in sales.

Surge in Gold Sales During Raksha Bandhan
Gold sales saw a dramatic increase during Raksha Bandhan, with crores worth of gold sold on the festival. The reduction in import duties on gold and silver spurred a significant influx of customers into the bullion market. On Monday, gold was priced at Rs 72,500 per 10 grams and silver at Rs 84,000 per kg. Bullion traders noted a surge in women buyers following the price drop. To capitalize on the increased footfall, many jewellers offered gifts to customers based on their purchases. Silver rakhis emerged as one of the top sellers this year.