Jewellers strike gold, but sale volume on Akshaya Tritiya dips

CHENNAI: The volume of gold brought by each consumer may have come down but the sales on the occasion of Akshaya Tritiya have gone up despite the spurt in prices. Explaining why crowds were not witnessed at many jewellery shops on Friday, Jayantilal Challani, president of The Madras Jewellers and Diamond Merchants Association, said about 75% to 80% of customers pre-booked purchases to avoid feeling the pinch of price hikes.

Interestingly, the gold price per gramme went up by just Rs 155 this month, mainly due to the falling US dollar rates, said Challani. Sanjay, a businessman, said the gold traders had built up demand for Akshaya Tritiya through advertisements. “If not a sovereign, many people bought at least a gramme since buying gold on this auspicious day is believed to usher in prosperity,” he said.

Meanwhile, many online commerce platforms partnered with jewellers to boost sales on the occasion. Swiggy Instamart partnered with Malabar Gold and Diamonds, and Muthoot Exim (Muthoot Pappachan Group) to offer customers the convenience of purchasing gold and silver coins from the comfort of their home.

Phani Kishan, CEO of Swiggy Instamart said the success of last year’s Dhanteras (first day of Deepawali) coin sales underscored the rising consumer interest in purchases on auspicious days. “Our teams stand ready to meet the increased demand, ensuring a seamless experience for customers this Akshaya Tritiya,” he said.

Vishnusharan Bhatt, managing director of Bhima Gold, said rising gold prices in April resulted in a demand slump for jewellery. “However, with prices stabilising in recent weeks, we have seen a revival in customer interest,” he said and added that Bhima Gold witnessed a remarkable growth of over 50% in sales on Friday compared to last year’s Akshaya Tritiya across their 19 stores in Karnataka, Tamil Nadu and Andhra Pradesh