Akshaya Tritiya Sees Moderate Sales

This Akshaya Tritiya, jewellers saw a revival in gold jewellery purchases following last year’s subdued sales. Gold jewellery took precedence over bullion and consumers opted for design oriented lightweight pieces.

Akshaya Tritiya is considered to be an auspicious day to embark on new beginnings and is the second-biggest gold buying occasion in India after Dhanteras. This year, Akshaya Tritiya was celebrated on April 28. In some places, it was celebrated on April 29 as well. Also, since the festival fell on a Friday, jewellers felt that the sentiments would be carried forward over the weekend. “Most jewellery firms registered a growth of 25-30% compared to last year,” informed Kumar Jain, vice president, Mumbai Jewellers Association. “It is difficult to get the exact figure but sales have been in range of 80-90 tonnes across India.”

“On an average, the daily aggregate sale of gold, studded and diamond jewellery and bullion, in Maharashtra touches about R175 crore. On peak festive occasions like Dhanteras, the figure hovers between R400 and R450 crore. During Akshaya Tritiya this April, the aggregate sales figure across the state stood at approximately R375 crore. I would say it was a decent show, and market sentiments have revived after demonetisation.”

Saurabh Gadgil, chairman & managing director, PNG Jewellers and director, Indian Bullion Jewellers Association, informed that consumer sentiments have improved since Gudi Padva in March. “Sales have taken offand consumers have reinstated their confidence in the market. There has been consistent consumption post demonetisation. Generally when the economy is good, the confidence level goes up and people start spending. That is exactly what is happening right now. There is demand for gold from an investment point of view as well as for jewellery. This is a positive sign for the jewellery industry.