Mumbai: Jewellers were eagerly waiting the Indian auspicious day of Akshaya Tritiya to get a boost in their business. In fact, the day has proved to be really auspicious for them as the jewellery is picking up this year.
Mr. Somasundaram PR, Managing Director, India, World Gold Counci said, “Millions of Indians believe that purchasing gold on Akshaya Tritiya brings good fortune. The festive sentiment amongst both trade and consumers appears to be stronger during this Akshaya Tritiya, as the industry emerges steadily from a period of sluggishness faced during and immediately following demonetisation.”
“Gold’s attractiveness as a preferred asset class is enhanced this season by an appreciating rupee and its impact on price, as well as a sharp rise in stock markets. Various trade offers and promotions point towards increasing momentum, though challenges remain regarding the transition to GST in the next quarter,” he added.
Mr. Saurabh Gadgil- Chairman & Managing Director, PNG Jewellers and Director, Indian Bullion Jewellers Association said, “This year’s Akshaya Tritiya is fetching a huge number of customers both, investors and buyers. This year we have an extended Mahurat of two days, Friday and Saturday, so customers will flock in during the weekend. We are already recording thumping sales, we are doing 35 percent more business compared to last year. The stock market is at an all-time high at 30000 points, given the current price of gold, it has become a safe and essential element of any investment portfolio.”
“Considering the current global political, national political and economic situation, we will be seeing a steady rise in gold prices, gold rates may reach INR 35000/10g in the next 6 months. GST will also be rolled out soon, it may influence the price of gold jewellery, hence people are currently bullish on gold. All these factors are in favor of wonderful Akshaya Tritiya, which the industry needed, considering the past two years were not very good for the Gems and Jewellery industry. This year not just big retail chain jewellers but smaller players and single shop owners are doing great business,” he added.
Mr. Aditya Pethe, Director, WHP Jewellers said, “We saw an overwhelming response for Akshaya Tritiya. The market was at an all-time high with Sensex shooting up and Rupee rate being on the positive side. There was a tremendous flow of festivity amongst the gems & jewellery industry. We bagged good sales with an increase in footfall by 10 – 15 %. There was a shift in consumer’s buying trend as more were opting for Jewellery as a luxury statement more than investment purpose. People are opting more for light weight jewellery, diamonds, and silver jewellery as compared to bullion.”
