Akshaya Tritiya begins on optimistic word; jewellers count on enterprise of as much as 30 tonne

The auspicious day of Akshaya Tritiya has begun on a powerful word as jewellers are witnessing good footfalls and being a public vacation on Tuesday, shoppers are flocking to the shops early earlier than the temperature soars.

“Jewellers across the country have opened their stores early across the country and there is a strong momentum in footfalls since morning. There has been positive sentiment in the market since the last 10-15 days and we expect it to continue on the day of Akshaya Tritiya. We expect to do 25-30 tonne business on this auspicious day,” All India Gem and Jewellery Domestic Council Vice Chairman Shyam Mehra advised PTI.

Asked if the excessive costs will change into a hurdle on gross sales on this Akshaya Tritiya, he mentioned, gold costs have come right down to round Rs 50,500 per 10 gram from Rs 55,000-58,000 per 10 gram, giving increase to shopper sentiment.

“It usually takes around 10-15 days for people to accept price movement. And since the prices have come down, there is generally a positive sentiment in the market, which is expecting gold prices to rise going forward. This will also help boost sales,” he added.

Echoing related views, PNG Jewellers managing director and CEO Saurabh Gadgil mentioned footfalls are sturdy and are anticipated to develop because the day progresses for the subsequent 1-2 hours.

“We are expecting a good number of people before it becomes too hot in the afternoon. This will again pick up in the evening as the temperature cools down. Being a bank holiday, footfalls are not restricted to office hours and people are coming to the stores at their ease,” he added.

Kalyan Jewellers Executive Director Ramesh Kalyanaraman mentioned gold-buying as a convention has been an integral a part of Akshaya Tritiya and this coupled with the continuing wedding ceremony season, has created a optimistic market sentiment.

“Though earlier Akshaya Tritiya was more of a South and East centric occasion, we are now seeing it being celebrated at a pan-India level. After two years of lockdown or partial lockdown, this year 100 per cent of our showrooms are operational. Offline purchases still account for a significant majority of sales for the jewellery industry, and we are expecting robust customer footfalls across our showrooms,” he added.

This Akshaya Tritiya might be fruitful for the trade, setting new milestones with respect to demand for gold jewelry, he added.

CaratLane COO and co-founder Avnish Anand, on the event of Akshaya Tritiya, mentioned with the buyer sentiment bettering with every passing day, the buying capability of the Indian market has elevated this 12 months as a result of pent-up demand for the season.

CaratLane is unquestionably anticipating a major development by way of site visitors, footfalls and conversions this Akshaya Tritiya owing to not simply the pent-up demand but in addition as a consequence of its digital first omni channel technique, which will increase the effectivity of the shoppers each on-line and offline, he mentioned.

“Additionally, the traffic is expected to grow by 11 per cent and average selling price (ASP) has grown by 23 per cent since February 2022, which was another good season for us,” he added.