Gold prices have fallen from £55,000-58,000 per 10 grams to £50,500 per 10 grams, boosting consumer sentiment, according to All India Gem and Jewelery Domestic Council deputy chairman Shyam Mehra
Gold prices have fallen from £55,000-58,000 per 10 grams to £50,500 per 10 grams, boosting consumer sentiment, according to All India Gem and Jewelery Domestic Council deputy chairman Shyam Mehra
Akshaya Tritiya’s auspicious day has started on a strong note as jewelers see good attendance. With Tuesday being a bank holiday, consumers are flocking to the shops early before the temperature soars.
“Jewelers across the country opened their stores early across the country and there has been strong momentum in visitor numbers since morning. There has been a positive sentiment in the market for the past 10-15 days and we expect it to continue on the day of Akshaya Tritiya. We expect a deal of 25 to 30 tons on this favorable day,” said All India Gem and Jewelery Domestic Council Deputy Chairman Shyam Mehra PTI.
When asked if the high prices are becoming a barrier to selling this Akshaya Tritiya, he said gold prices have fallen from ₹55,000-58,000 to around ₹50,500 per 10 grams, boosting consumer sentiment.
“It usually takes around 10 to 15 days for people to accept price movement. And as prices have fallen, there is a generally positive sentiment in the market that expects gold prices to rise in the future. This will also help boost sales,” he added.
Saurabh Gadgil, Managing Director and CEO of PNG Jewelers shared similar views, saying attendance is strong and expected to increase throughout the day over the next 1-2 hours.
“We expect a good number of people before it gets too hot in the afternoon. This will increase again in the evening as the temperature cools. As it is a public holiday, visitor numbers are not limited to office hours and people come to the store as they please,” he added.
Ramesh Kalyanaraman, Executive Director of Kalyan Jewelers said that buying gold as a tradition is an integral part of Akshaya Tritiya and this coupled with the ongoing wedding season has created positive market sentiment.
“Although Akshaya Tritiya used to be more of a South and East-centric occasion, we now see it being celebrated on an all-India level. After two years of lockdown or partial lockdown, 100% of our showrooms are operational this year. Offline purchases still account for a significant portion of sales in the jewelry industry and we expect strong footfall in our showrooms,” he added.
This Akshaya Tritiya will be fruitful for the industry and set new milestones in terms of gold jewelry demand, he added.
Avnish Anand, COO and co-founder of CaratLane said the Indian market’s buying capacity has increased this year due to pent-up demand for the season as consumer sentiment improves with each passing day.
CaratLane definitely expects significant growth in terms of traffic, visits and conversions for this Akshaya Tritiya, not only due to the pent-up demand, but also due to its digital-first omni-channel strategy that increases consumer efficiency both online and offline , he said.
“In addition, traffic is expected to grow by 11% and the average selling price (ASP) is up 23% since February 2022, which has been another good season for us,” he added.
