Inspite of High Gold Prices, Jewellery Sales Witness 40% Rise on Akshaya Tritiya

Despite the high gold prices, both jewellery retailers and consumers have had a fruitful 2023 Akshaya Tritiya in terms of sales volume. Early signs suggest a rise in overall jewellery sales volume this year.

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According to Saiyam Mehra, Chairman of All India Gem and Jewellery Domestic Council, this year’s jewellery sales have witnessed a surge of more than 40% in terms of the number of pieces sold. Despite the high prices, consumers opted for lightweight jewellery to celebrate Akshaya Tritiya without straining their pockets too much. Overall demand sentiment remained unaffected by the high prices this season.

Akshaya Tritiya is believed to be a propitious time to purchase gold, as it is thought to bring good fortune and prosperity. Nevertheless, there appears to be a lack of demand in terms of value.

The Indian Bullion and Jewellers Association reports that gold prices in the wholesale market have surged by 18% over the past two months, reaching a high of ₹60,880 per 10 grams on Thursday, as compared to ₹56,478 on February 15. Since the last Akshaya Tritiya on May 3, 2022, gold prices have risen by 20% from ₹50,808 per 10 grams.

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This Akshaya Tritiya, digital gold, particularly in the form of mutual funds and exchange-traded funds, may have gained prominence as it allows investors to purchase gold for less than ₹55 per unit, despite gold prices hovering above ₹60,000 per 10 grams.