Akshaya Tritiya 2023: Jewellers expect a strong season this year amid high gold prices

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The recent jump in the precious yellow metal is not likely to affect consumer demand on the occasion of Akshaya Tritiya, with jewellers expecting a strong season this year.

A day ahead of the auspicious occasion of Akshaya Tritiya, gold prices were above the Rs 60,000 per 10-gram mark.

The opening price for 999 purity gold was Rs 60,446 per 10 grams, while that of 999 purity silver was Rs 74,763 per kg, the data available on India Bullion and Jewellers Association's (IBJA) website showed on Friday.

Aditya Pethe, director of Mumbai-based WHP Jewellers said consumers buy gold irrespective of the price and higher prices boost the confidence of the consumer in the category.

Also Read: When is Akshaya Tritiya 2023? Date, significance, and all you need to know

"Akshay Tritiya is a major gold-buying festival as it is believed that buying gold or assets brings in good luck. Consumers tend to buy gold irrespective of the price. In fact, higher prices boost the confidence of the consumer in the category. We are expecting a strong season this year as wedding season is also getting started and gold has proven its mettle by showcasing tremendous performance in the last couple of years. The purchase of lightweight gold necklaces and diamond jewellery is expected to be high. Token purchases in form of bullion and wedding jewellery orders are also expected," Pethe said.

Echoing similar sentiments, Vaibhav Saraf, Director of Aisshpra Gems & Jewels, said he was elated at the amazing response from people who are buying all types of jewellery including gold, diamonds, bridal, etc.

"We are thrilled to witness the amazing response from our patrons across all our stores. We have seen walk-ins and there has been a festive vibe in the stores. People are buying all sorts of jewellery including gold, diamonds, bridal, etc, bullion will be moving as usual for token buyers too. Rising gold prices have not impacted wedding shopping, as there is a bridal season ahead," Saraf said.

Saraf further said that to encourage customers his company has announced a lucky draw contest and also giving away assured silver coins.

"We have also announced a lucky draw contest just like the last year where lucky winners will get one Ciaz car and seven Hero bikes. To encourage customers, we are also giving Assured silver coins for the purchase of gold and diamond Jewellery. This was our way of just being a part of the festivities," he said.