Jewellers see 40% jump in sales on Akshaya Tritiya despite high gold prices

Jewellery sales are expected to have increased by more than 40 per cent this Akshaya Tritiya, said GJC chief Sayam Mehra

This Akshaya Tritiya has proven to be advantageous for jewellery vendors and buyers, despite rising gold prices, a Hindu BusinessLine report said.

Initial indicators point to an increase in overall jewellery sales volume this year, it said.

In terms of the number of pieces sold, jewellery sales are expected to have increased by more than 40 per cent this year, All India Gem and Jewellery Domestic Council (GJC) chairman Sayam Mehra said.

An increase in demand for lightweight jewellery was seen since people wanted to celebrate Akshaya Tritiya without putting too much strain on their wallets, the chairman further noted.

Akshaya Tritiya, also known as Akha Teej, is considered an auspicious time to buy gold since it is regarded to bring prosperity and good luck. It was observed on April 22 this year.

Gold prices surge on Akshaya Tritiya 2023

The Indian Bullion and Jewellers Association of India reports that gold prices have increased 18 per cent in the past two months on the wholesale market, reaching a high of Rs 60,880 per 10 grams on Thursday, up from Rs 56,478 on February 15.

The price of gold has increased by 20 per cent from the previous Akshaya Tritiya on May 3, 2022, from Rs 50,808 per 10 grams.

Digital gold, especially that of mutual funds and exchange-traded funds, may have taken centre stage during Akshaya Tritiya since it enables investors to buy gold for less than 55 per unit, despite gold prices lingering above Rs 60,000 per 10 grams.