Akshaya Tritiya: Jewellers Expect Pick up in Sales

Mumbai: The recent softening of the gold price has supported demand for the yellow metal on the auspicious day of Akshaya Tritiya and jewellers have been witnessing steady footfalls since morning.

Mr. Saiyam Mehra the Chairman  of All India Gem and Jewellery Domestic Council (GJC) said, “The 2023 Akshaya  Tritiya was exceptional for jewellery retailers and consumers. Despite high prices, the enthusiasm seen among gold buyers was unimaginable. Initial indications point to an increase in overall jewellery sales volume this year. However, jewellery sales are estimated to have increased by over 40% in terms of the number of pieces this year. We saw a great demand for lightweight jewellery as consumers preferred to celebrate Akshaya Tritiya without having too much of a burden on their pockets. High prices this season could not affect overall demand sentiment this year.”

World Gold Council (WGC) Regional CEO, India, Somasundaram PR said that gold purchases are an inseparable part of Akshaya Tritiya celebrations for millions of Indians.

“Though a major gold buying festival, this year Akshaya Tritiya faces lifetime high prices of gold and a lukewarm response from consumers over the last few weeks. We could see gold accumulation and small ticket purchases through digital gold buying platforms see faster growth, reinforcing the urgent need for a regulatory framework for these. Recent tax changes have put gold funds at a tax disadvantage which could offer an unintended advantage to digital gold buying. However, given the strong cultural connect, any short-term softening of price could mean an Akshaya Tritiya surprise for jewelry demand,”

Mr. Prithviraj Kothari, CEO-MD of Riddhisiddhi Bullion Limited (RSBL) said, “As the US interest rate has risen 500 bps in the last one year, the risk of crises, contraction, and recession has risen. In midst of all these crises, Gold and Silver have always outperformed other asset classes and have given double-digit returns historically. This time its a great coincidence of seven auspicious yog taking place on Akshaya Tritiya, so it is a very special and auspicious day for buying gold and silver. One should definitely buy precious metals on this Akshaya Tritiya in any form like bar, coin, jewellery, utensil, Digital Gold/ Digital Silver, Gold ETF/ Silver ETF, Sovereign Gold Bond and through an exchange platform.”

Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers said, “Akshay Tritiya 2023 started with a bang. Customers have been lining up since morning across all our stores in Maharashtra. We are seeing a similar response across markets in other parts of the country too! Bullion and jewellery, both are going strong. We have seen a lot of uptake for wedding jewellery and heavy weight jewellery. People have adjusted with the prices and seeing an upward trend people have made purchases. Diamond jewellery has also seen strong performance along with silver, which has been a highlight of the year. At PNG Jewellers we have overtaken last year’s Akshay Tritiya sales by 15% percent in quantity terms and around 40% in terms of value. This performance is a very strong indicator of how the upcoming season will shape up. Across India last Akshay Tritiya, the industry saw a business of 28 tonnes, this year it will reach 35 tonnes!”

Mr. Amit Pratihari, Vice President at De Beers Forevermark said, “On the auspicious occasion of Akshaya Tritiya today, we have been witnessing strong footfalls. All our partner retailers have received a good response and we have witnessed a strong momentum across the country. Be it for upcoming weddings or buying gift items for the occasions, people are taking more interest in diamond jewellery. Also, with the positive shift in consumer buying patterns towards the purchase of items that hold meaning and value, natural diamonds continue to be sought after due to their inherent preciousness. We have noticed around 25-30 per cent growth this Akshay Tritiya and are upbeat that the strong demand for this festivity will be retained for the rest of the year.”