Gold sales expected to rise 30% this Akshaya Tritiya pent-up demand
Akshaya Tritiya, which falls on 28 April this year, is considered an auspicious day to buy gold
Mumbai: Gold is likely to glitter this Akshaya Tritiya, which is considered an auspicious day to buy the yellow metal, with jewellers expecting up to 30 per cent growth in sales.
Akshaya Tritiya falls on 28 April this year. “We expect the growth to be robust at about 20-30 per cent during Akshaya Tritiya compared to last year, due to the wedding season. The gold rates are likely to be stronger going forward (too),” all India gems and jewellery trade federation chairman Nitin Khandelwal said. Overall, there is a positive sentiment among consumers and many jewellers have undertaken aggressive promotional campaigns, he said.
Echoing him, World Gold Council managing director, India, Somasundaram PR said that Akshaya Tritiya provides an indication of consumer sentiment. This year the overall sentiment is positive and bodes well for both jewellery and investment demand, he added. “Gold prices did not go as high as in the international markets because the Indian rupee appreciated. People see this as a good opportunity to invest in gold,” he added. However, he said, the worries over the Goods and Services Tax (GST) and cash purchase still remained.
P N Gadgil Jewellers chairman and managing director Saurabh Gadgil said the sales are likely to be 30 per cent more, as the Akshaya Tritiya this year comes in the middle of wedding season and on a weekend. “We also feel there is a perception that gold will become pricier after implementation of GST, and the geopolitical tensions will also boost the sales,” he added. Manubhai Jewellers’ director Samir Sagar said there is a positive atmosphere and demand began one week before Gudhi Padwa, the Maharashtrian new year, which gave an indication that sales are likely to be 25 per cent more than last year. The demand will be more on the medium-ticket size, that is, between 20-50 grams, he said. “The focus on wedding jewellery is very high this year due to the wedding season,” he added.
Predicting a 25 per cent increase in sales, WHP Jewellers director Aditya Pethe said there is a lot of pent-up demand from the last year, when the sales were affected by a jewellers’ strike first and later by the demonetisation. “We feel that things have settled down and consumers have started coming back,” he added. ANMOL founder Ishu Datwani said the rising gold prices and offers by jewellers will boost sales by 20-25 per cent this Akshaya Tritiya. “We feel the situation has improved since the demonetisation. People will not only buy gold but will also go for diamond jewellery this year,” he said.
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