The 2023 Akshaya Tritiya has turned out to be a good one for jewellery retailers and consumers, despite high gold prices in terms of volume.
Initial indications point to an increase in overall jewellery sales volume this year.
“Jewellery sales are estimated to have increased by over 40 per cent in terms of the number of pieces this year. We saw a great demand for lightweight jewellery as consumers preferred to celebrate Akshaya Tritiya without having too much of a burden on their pockets. High prices this season could not affect overall demand sentiment this year,” said Saiyam Mehra, Chairman of All India Gem and Jewellery Domestic Council.
Akshaya Tritiya is considered an auspicious occasion to buy gold as it is believed to bring prosperity and good luck.
However, the demand in terms of value seems to be muted.
On the last two months, gold prices in the wholesale market have jumped 18 per cent to touch a high of ₹60,880 per 10 grams on Thursday against ₹56,478 logged on February 15, according to the Indian Bullion and Jewellers Association of India.
Gold prices have increased 20 per cent from ₹50,808 per 10 grams since last Akshaya Tritiya on May 3, 2022.
Digital gold, especially that of mutual funds and exchange-traded funds, may have taken the centre stage this Akshaya Tritiya on Saturday as it helps investors to buy into gold for less than ₹55 a unit even as gold prices hover above ₹60,000 per 10 gram.