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Akshaya Tritiya Sales Surge Buoyed By Record-High Markets

Akshaya Tritiya sales rose by 35 per cent over last year as consumers opted for gold jewellery as a luxury statement more than as an investment.
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Gold sales surged 35 percent this Akshaya Tritiya
Gold sales surged 35 percent this Akshaya Tritiya
Mumbai: Consumers today flocked to buy gold and jewelry on Akshaya Tritiya, considered an auspicious day for purchasing valuables, with jewellers seeing 35 per cent jump in sales over last year. They said the surge has been due to pent up demand and favourable prices.

"There is a positive sentiment across the country and there is a surge in footfalls this year. I consider this year demand to be the best after two years as consumers are back to buying gold," CMD PNG Jewellers and Director, India Bullion and Jewellers Association (IBJA), Saurabh Gadgil told Press Trust of India.

"Looking at the trends we expect the sales to be 35 per cent more than last year," he said.
He added that with the roll out of Goods and Services Tax (GST) approaching, pent up demand from last year coupled with favourable gold prices and increase in wedding season demand pushed up the sales. World Gold Council, managing director, India, Somasundaram PR said Akshaya Tritiya said there is positive feedback coming from across the country, which is a good beginning of the year.

"Despite the heat we are getting reports of consistent footfalls indicating that stability has come to the industry, which went through several challenges last year," he said. "Stronger rupee making gold price attractive and reports of probable price rise in jewellery after implementation of GST are also aiding sales this year," he added.

All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal opined that this Akshaya Tritiya has been spread over two days and it being a weekend will further boost sales.
"We are getting reports from across the country that this year jewellery sales are doing well, however, business of coins and bars has been affected by up to 60 per cent. We are expecting 25 per cent growth in overall sales from last year," he added.

Former GJF Chairman and Sreerama Jewellers managing director G V Sreedhar said normally there is a demand for light weight jewellery, but due to the wedding season the heavy weight items are also doing well. "The demand is very good in the south, west and north this year. However, we are also getting reports that the business in eastern region is also good this year," he added.

Manubhai Jewellers, director, Samir Sagar said this festive season took off with great excitement and there was a comeback of sales with a 15-20 per cent increase in footfalls. "Market sentiments were exciting and as it is Friday, the celebrations are expected to continue over the weekend.

Buyers were more inclined towards adornment rather than investing in bullion and demand for lightweight jewellery in gold bangles and kadas are more this season," he added. WHP Jewellers Director Aditya Pethe said "We are seeing an overwhelming response for Akshaya Tritiya. The market was at an all-time high with Sensex shooting up and rupee rate being on the positive side. There was a tremendous flow of festivity amongst the gems and jewellery industry."

There was a shift in consumer's buying trend as more were opting for jewellery as a luxury statement more than investment purpose, he added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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