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Jewellers are expecting consumer demand to be driven by light weighing ornaments on this Akshaya Tritiya, as gold prices are soaring to the historic highs of Rs 1 lakh.
Akshay Tritiya, set to be celebrated on April 30, is considered an auspicious day to buy gold, hence often bringing a surge in the yellow metal’s purchases across India. However, with current rates testing consumer patience, the industry is adapting to the mood with smaller, more affordable designs and a wider range of products.
“As we approach the auspicious occasion of Akshaya Tritiya, the gold market is buzzing with anticipation,” said Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC). “Akshaya Tritiya holds immense cultural significance in India, traditionally marking a surge in gold purchases.”
Despite the skyrocketing prices, this year could still provide a healthy demand driven by light weight items, Rokde further told PTI.
Gold traded weak at Rs 95,075 per 10 grams on Friday on MCX, as international prices faced resistance near the $3,330-an-ounce mark. Still, the symbolic value of gold is expected to outweigh short-term hesitation from buyers.
Would high gold prices weaken the festive sentiment?
Rokde said that even though some consumers might be hesitant, the appeal of gold as a safe-haven asset and the metal being an integral part of traditions will likely translate into positive sales.
To further boost the sentiment, the jewel industry is also rolling out a diverse range of items for customers to choose from, catering to a spectrum of budgets and preferences, he said.
Avinash Gupta, GJC’s vice-chairman also echoed a similar view, saying, though high prices might prompt some to resort to caution, the cultural significance of the yellow metal, aided with its status of being a reliable asset, would ultimately suggest an upward trend in buying.
“High prices may keep the volume demand either the same as last year or bring it down by 10 per cent. The jewellery sector is showcasing innovative designs alongside classic pieces to cater to diverse consumer needs,” he added.
“Gold purchases have traditionally been an integral part of Akshaya Tritiya celebrations for millions of Indians, symbolising prosperity and good fortune,” said Sachin Jain, regional CEO, India, World Gold Council.
“We are currently witnessing sky rocketing gold prices – ‘gold’s era’. This year marks a significant period for gold, with global prices increasing by 25 per cent since January and reaching a record high of $3,500 per ounce.”
From traditional buyers to digital-savvy investors, demand is expected to span across jewellery, coins, bars, gold ETFs, and digital gold.
Saurabh Gadgil, chairman and MD of PNG jewellers, said the festive buzz is undeterred by high prices. “Volume has been under pressure for quite some time as the gold prices continue to soar. However, with Akshay Tritiya falling at the cusp of a packed wedding season, we are optimistic that it will mirror the encouraging performance we saw during Gudi Padwa. We anticipate a strong turnout both for fresh purchases and for deliveries scheduled on the day,” he said.
Gadgil expected old bars and coins to perform well as consumers continue to look at gold as a safe, long-term asset. “The next 10 days will be crucial in shaping momentum, but all indicators point to a promising Akshay Tritiya ahead,” he added.”
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