Akshaya Tritiya Special: Customers throng jewellery markets in Delhi as Gold prices come down

Akshaya Tritiya Special: On the auspicious day of Akshaya Tritiya, the gold market in Delhi started on a solid note on Tuesday. Due to being a public holiday on account of Id-Ul-Fitr, the markets witnessed large crowd since the morning, reports Ankita Mishra.

People have been avoiding buying for the past two years owing to Coronavirus, but there is a lot of excitement in the markets on Akshaya Tritiya this year due to the decline in gold prices.

"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 told PTI.

Explaining the impact of gold prices on consumers on Akshaya Tritiya, he said that the price of gold has come down from Rs 55,000-58,000 per 10 grams to Rs 50,500 per 10 grams. This has increased consumer 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.

Saurabh Gadgil, Managing Editor and CEO of PNG Jewelers also said that this time the number of customers is very high on the occasion of Akshaya Tritiya and in the next 1-2 hours we will see more growth in it. Due to the very hot temperatures during the day, more customers are expected to come in the evening. Being a bank holiday, the crowd of people is not limited to office hours. People are constantly coming for shopping.

Kalyan Jewellers Executive Director Ramesh Kalyanaraman said gold-buying as a tradition has been an integral part of Akshaya Tritiya and this coupled with the ongoing wedding season, has created a positive 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 percent 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 will be fruitful for the industry, setting new milestones with respect to demand for gold jewellery, he added.

(With the inputs of PTI)