Why gold jewellers expect a glittering Akshaya Tritiya

Last Updated: Mon, Apr 16, 2018 12:49 hrs
Gold (Image Courtesy: PTI)

Gold Jewellers across India are hoping for a 15-20% rise in sales during Akshaya Tritiya in 2018 as it also coincides with the wedding season and at a time when gold prices have remained largely stable.

"Things are looking positive this year and the prices are also stable, ruling at around Rs 30820 per 10 grams. There is also a lot of traction for wedding jewellery due to ongoing marriage season. Overall there is positive sentiment in the market, so we are hoping 15-20 per cent growth in sales this Akshaya Tritiya, compared to last year," All India Gem And Jewellery Domestic Council (GJC) Chairman Nitin Khandelwal was reported as saying by the Press Trust of India.

The vice president of the Indian Bullion and Jewellers Association (IBJA) Saurabh Gadgil, also the Chairman and Managing Director of PN Gadgil Jewellers, echoed Khandelwal's sentiments.

"The market has now started picking up after the industry faced the Nirav Modi scam. We are witnessing young people now preferring long standing family jewellery stores who have been there from generations. Moreover, the monsoon was good last year, but the demand was muted, so there is likely to be a spill over of demand from last year to this Akshaya Tritiya. The overall mood is positive and we are expecting 5-10 per cent growth in sales over last year," Gadgil noted.

He expected gold coins and small-ticket-size gold jewellery along with wedding jewellery to be in high demand.

"The bookings for the wedding jewelleries are looking good, the delivery for which will on the Akshaya Tritiya day," he told the news agency.

Kalyan Jewellers Chairman and Managing Director TS Kalyanaraman and Mumbai-headquartered Waman Hari Pethe Jewellers' director Aditya Pethe also shared these upbeat sentiments.

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