Akshaya Tritiya: Gold sales better than last year, say jewellers

With drop in gold prices and Akshaya Tritiya spread over two days, jewellers are hopeful it will translate into better sales.

Joseph Prince, Director, Prince Gold and Diamonds India Pvt Ltd, said the shop witnessed 15-20 per cent increase in sales compared to last year. “It is a huge improvement compared to last year. The reason being drop in gold prices, which is ₹50-60 a gram less than last year, Akshaya Tritiya spreading over two days and improved consumer sentiment.”

Many jewellers are also providing offers for purchase of gold, silver and diamond jewellery making it more attractive. Prince Jewellery is giving ₹75 off per gram for gold jewellery and ₹8,000 less for diamond.

Average transaction size too has increased. Big value transaction increased from ₹75,000 to ₹1 lakh this year and smaller value transactions increased from ₹32,000 to ₹40,000. “We are noticing many youngsters between age the groups 23 and 25, including men, investing in diamond and platinum jewellery, especially in budget accessories collection with starting price of ₹4500,” he added.

N Anantha Padmanabhan, Regional Chairman, All India Gems and Jewellery Trade Federation, agrees that the year is indeed conducive for investing in gold. “Sales are slowly picking up and we estimate that sales will be 20 per cent more than last year give that gold prices are nominal and tomorrow being a weekend will attract more people.”

Though Mani Asari, a small jeweller shop owner, shares the sentiment that this year is promising, he feels, it is too yearly to come to a conclusion. “We will know the full impact of sales after noon tomorrow, when it is over,” he added. “So far we are not seeing many big ticket transactions and footfalls are more or less like that of any other festival day. It is wait and watch,” Asari said.

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