‘This year there has been stagnant demand, fall in prices and pick up in holiday sales’
‘This year there has been stagnant demand, fall in prices and pick up in holiday sales’
Gold sales declined on Akshaya Tritiya after falling for the past two years due to COVID-19 due to a fall in metal prices with a public holiday on Tuesday, industry players said.
According to the industry, this Akshaya Tritiya, which is considered auspicious for buying the precious metal, saw huge interest from the jewelers to buy gold among the customers and the sales are expected to be 10% higher as compared to the last Akshaya Tritiya date. .
“This Akshaya Tritiya has been very strong. We will keep our shops open till late. We are expecting to comfortably surpass 2019 levels. All India Gem and Jewelery Domestic Council (GJC) Vice Chairman Saiyam Mehra said sluggish demand, fall in gold prices and holiday this year have contributed to the increase in sales.
He said, with taxes included, the price of 22-carat gold was ruling at around ₹48,300 per 10 grams, after the recent peak of ₹52,100.
In volume, Mr. Mehra said, the industry is likely to see 10% more business this Akshaya Tritiya compared to the same occasion in 2019.
Somasundaram PR, Regional CEO, India, World Gold Council, said, “After two years of peace induced by Covid, the festive spirit among business and consumers seems to be getting stronger this year, surpassing expectations. Continued aggressive marketing and Business promotion has played a role in the growth. In-store visits and seize the opportunity.” Somasundaram said digital gold buying platforms are also excited, with small buyers taking up the convenience of buying gold for as low as Re 1 on their smartphones, without worrying about purity and transparency.
“As gold prices stabilize, the initial market reaction points to a rising Akshaya Tritiya, with increased consumer interest in gold following the risks posed by inflation and global uncertainties,” he added.
Arun Narayan, Vice President, Category, Marketing & Retail, Tanishq, Titan Company said, “We have received an overwhelming response from customers who were looking forward to celebrating Akshaya Tritiya after two years.
“Our security protocols and preparedness ensured that we served a large number of customers across our 390 stores while maintaining our ‘gold standards of security’. Our newly introduced Gold Coin ATMs also helped customers quickly And enabled shopping with ease. Now we are excited, excited. With this response, for a good wedding season ahead.” Saurabh Gadgil, Chairman and Managing Director, PNG Jewelers said that this year’s Akshaya Tritiya has been phenomenal as people have been flocking to the shops since morning, adding, “We expect buyers to throng the shops by 10 pm tonight. “
Prices have also improved and there is a similar demand for gold and diamond jewelery and compared to last year, which was Akshaya Tritiya in lockdown and included online sales, this year is all about going to the store and shopping, he said. .
“We are already seeing a 30 percent increase in numbers from 2019 sales, which we expect to grow further by the end of this day,” he said.
Overall, the industry is selling more than 25 tonnes of gold across the country this year as Akshaya Tritiya makes a spectacular comeback after a gap of two years, he added.
Wedding shopping has been the main attraction for us this Akshaya Tritiya and there are 40 lakh weddings to be held across India in the next few months and hence, people are cashing in on this auspicious day to make their own wedding jewellery. Purchase.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewelers said, “This Akshaya Tritiya we have witnessed a strong momentum across all geographies and product segments, resulting in a positive growth outlook.
“We are encouraged by the significant increase in footfall, sales volume and value even compared to the pre-pandemic days of 2019. The higher traction on Akshaya Tritiya could be due to less volatility in gold prices in the past week, aided by further revenge buying and today’s festival holiday,” he said.
He added that while sales were expected to pick up in the southern markets, the response from the non-south markets has also been very encouraging.
Avneesh Anand, COO and Co-Founder, Caratlane, said Akshaya Tritiya has seen customers inquire about gold coins and chains, which is much less than every other year.
Because of our Digital First omni marketing strategy, most of our customers come into the store with screenshots of the designs they had shortlisted from the website and researched by contacting the physical store first, he added.
Anand said, “With the wedding season, we have also seen a spurt in the purchase of engagement rings. Interestingly, this year has been a good trend across the country and not just in specific regions.” PTI Sm Sir