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.
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,”
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.”
