BENGALURU: Jewellery retail outlets across the country saw similar sales volume on Akshaya Tritiya, Friday, like that of last year despite high gold prices. Nearly 20-22 tonne of gold is sold during Akshaya Tritiya.
“Every year sales used to increase as against preceding year, but this year it was not so. While volume-wise there might be a 5% decline, value-wise it was similar,” All India Gem and Jewellery Domestic Council chairman Saiyam Mehra said.
About 40% of business happened in the south and the rest of other parts. “In the south, heavy jewellery was sold. In the north and western parts of the country, 14 and 18 carats were also selling because rates of these were 20-40% lesser than 22 carats,” he said.
“Today, on the auspicious occasion of Akshaya Tritiya, we are observing a major rise in customer visits. Our partner retailers are reporting positive outcomes especially in South India where Akshaya Tritiya holds great cultural significance,” said Amit Pratihari, Vice President, De Beers Forevermark.
Whether it is preparations for upcoming weddings or selecting gifts for special occasions, there is a big surge in interest in diamond jewellery. “We are seeing a demand for everyday jewellery known for its minimalist design, lightweight and ethical sourcing. There’s a notable trend towards purchasing items that carry intrinsic value, making natural diamonds particularly desirable,” he added.
During last year’s Akshaya Tritiya, gold prices touched over Rs 60,800 per 10 gram and on Friday it was about Rs 73,000.
K Srinivasan, Chairman and MD, Emerald Group, said they are seeing a rise in overall jewellery sales volume as against last year. “By 4 or 5 pm on May 10 we crossed last year’s sales volume,” he said, adding they are expecting to end the day with higher volumes.
This year, quick commerce platforms Swiggy Instamart, Zepto and BigBasket also delivered silver and gold coins in partnership with jewellery retailers. They offered to deliver coins in 10 minutes. On Thursday, Swiggy Instamart said it has partnered with Malabar Gold & Diamonds and Muthoot Exim (Muthoot Pappachan Group) to offer customers the convenience of purchasing gold and silver coins directly on Swiggy Instamart.