Consumers on Friday flocked to buy gold and jewellery on Akshaya Tritiya, considered an auspicious day for purchasing valuables, with jewellers seeing 40 per cent jump in sales over last year. They said the surge has been due to pent up demand and favourable prices. Jewellers in major cities including Delhi and Mumbai are witnessing significant rise in footfalls in their showrooms and they see 30-40 per cent growth in their sales both in value and volume terms.
“There is a positive sentiment across the country and there is a surge in footfalls this year. I consider this year demand to be the best after two years as consumers are back to buying gold,” India Bullion and Jewellers Association (IBJA) Director Saurabh Gadgil told PTI.
“looking at the trends we expect the sales to be 35 per cent more than last year,” Gadgil, who is CMD PNG Jewellers, said. He attributed the likely increase in sales of gold jewellery to pent up demand from last year, favourable gold prices and demand for ongoing wedding season. World Gold Council’s India managing director Somasundaram PR said on this Akshaya Tritiya there is positive feedback coming from across the country
“Despite the heat, we are getting reports of consistent footfalls indicating that stability has come to the industry, which went through several challenges last year. Stronger rupee making gold price attractive and reports of probable price rise in jewellery after implementation of GST are also aiding sales this year,” he added. Gold prices rose by Rs 30 to Rs 29,480 per 10 grams at the Delhi bullion market largely due to token purchases on the auspicious occasion of Akshaya Tritiya. In Mumbai, gold prices shot up by Rs 120 per 10 grams.
All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal said the Akshaya Tritiya has been spread over two days and this will boost sales. “We are getting reports from across the country that this year jewellery sales are doing well, however, business of coins and bars has been affected by up to 60 per cent. We are expecting 25 per cent growth in overall sales from last year,” he added. leading jewellery firm PC Jewellers’ COO RK Sharma said the sales are expected to be higher by 30-40 per cent this year as gold rates are slightly lower than last year’s Akshaya Tritiya.
“last year, jewellers were on strike just before Akshaya Tritiya and prices were also little higher. So sales were lower. This year, we are witnessing significant increase in footfall in our showrooms. Sales, both in value and volume terms, are likely to rise by 30-40 per cent,” Sharma added. PC Jewellers has about 80 showrooms across the country.