Gold Selling: Akshaya Tritiya Starts on a Positive Note; jewelers expect business of up to 30 tons

Akshaya Tritiya’s auspicious day started on a strong note as jewelers witness good footfall and being a public holiday on Tuesday, shoppers flock to the shops early before the temperature soars. “Jewelers across the country have been opening their stores early across the country and there has been strong footfall momentum since the morning. There has been positive sentiment in the market for the past 10-15 days and we expect let it continue on the day of Akshaya. Tritiya. We expect to do business of 25-30 tons on this auspicious day,” Shyam Mehra, vice chairman of the All India Gem and Jewelery Domestic Council, told PTI.

When asked if high prices would become a hindrance to sales of this Akshaya Tritiya, he said gold prices had fallen to around Rs 50,500 for 10 grams from Rs 55,000 to Rs 58,000 for 10 grams, which boosted consumer sentiment.

“It usually takes about 10 to 15 days for people to accept the price movement. And since prices have gone down, there is usually a positive sentiment in the market, which expects gold prices to increase in the future. This will also help boost sales,” he added.

Echoing similar views, PNG Jewelers Managing Director and CEO Saurabh Gadgil said footfall is strong and expected to increase as the day progresses for the next 1-2 hours.

“We are expecting a good number of people before it gets too hot in the afternoon. It will pick up again in the evening when the temperature cools down. come to the stores at ease,” he added.

Executive Director of Kalyan Jewelers, Ramesh Kalyanaraman said buying gold as a tradition is an integral part of Akshaya Tritiya and this, coupled with the current wedding season, has created a positive sentiment on the market.

“Although Akshaya Tritiya was earlier a South and East centric occasion, we are now seeing it being celebrated pan-India. After two years of lockdown or partial lockdown, this year 100% of our showrooms are operational. Offline shopping still accounts for a significant majority of jewelry industry sales, and we expect strong customer footfall in our showrooms,” he added. .

This Akshaya Tritiya will be fruitful for the industry, setting new milestones in the demand for gold jewelry, he added.

CaratLane COO and Co-Founder Avnish Anand on Akshaya Tritiya said that with consumer sentiment improving with each passing day, Indian market’s buying ability has increased this year due to demand. postponed for the season.

CaratLane definitely expects significant growth in terms of traffic, footfall and conversions this Akshaya Tritiya due not only to pent-up demand, but also due to its first omnichannel digital strategy, which increases consumer efficiency by online and offline, he said.

“Additionally, traffic is expected to increase by 11% and the average selling price (ASP) has increased by 23% since February 2022, which has been another good season for us,” he added.

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