Akshaya Tritiya 2023: Jewellers see a surge in customer footfall amid high gold prices

Pic/Ashish Raje

Soaring gold prices have failed to dampen the spirits of buyers as jewellers see a significant surge in customer footfall and are expecting a 10 per cent to 15 per cent increase in sales compared to last year.

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

The closing price for 999 purity gold was Rs 60,191 per 10 grams, while that of 999 purity silver was Rs 74,773 per kg, the data available on India Bullion and Jewellers Association's (IBJA) website showed.

Aditya Pethe, director of Mumbai-based WHP Jewellers, said he has seen a significant surge in buyers.

"Based on our observations since morning, there has been a significant surge in customer footfall across all jewellery categories, including gold, diamond, silver, and coins. A lot of wedding-related bookings have happened today," he said on Saturday.

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

"We are anticipating a robust sales performance today and expect further footfalls during the evening hours. As a result, we are forecasting a potential 10% to 15% increase in sales compared to the previous year's figures for today specifically, and we are optimistic about the season ahead," he added.

Echoing similar sentiments, Shrey Mehta, Director of Pooja Diamonds, said customers are gravitating towards smaller jewellery items, and many are returning to finalize their purchases on this auspicious day of Akshay Tritiya.

"While the rise in gold rates may have impacted sales, we have noticed that customers are increasingly viewing gold as a safe asset to invest in, which has helped to maintain consumer trust and demand for gold products," he said.

Mehta also said that customers are making bookings for the upcoming wedding season. "While the volume of purchases may be lesser due to the higher gold prices, the value of purchases remains more or less the same. It is common for consumers in India to have a pre-decided budget for weddings, and they often wait for events like Akshaya Tritiya to make their purchases. Therefore, while the number of grams purchased may be lower this year, the overall value of purchases remains consistent with what customers had planned to spend," he added.