Indian jewellers are expecting a 25 percent increase in gold sales on Akshaya Tritiya, a day in the Hindu calendar considered auspicious to buy the yellow metal, the Hindu Business Line reported. The Akshaya Tritiya, which falls on April 24 this year, coincides with the Indian wedding season.
"The consumer mood in general is very upbeat despite the ruling high price. And we expect the business to be 25 percent higher on Akshaya Tritiya," said Bachhraj Bamalwa, chairman of the All-India Gems and Jewellery Trade Federation (GJF). He added that jewellers are using their old inventory to meet demand.
Mehul Choksi, Gitanjali Group chairman and managing director, said the demand has been very strong. "We are expecting about 25 percent growth in sales during Akshaya Tritiya over last year in value terms, and the volume growth is likely to be around 10 percent," he said.
The strong demand is also partly due to the wedding season. According to Kumar Jain, vice president at Mumbai Jewellers’ Association, customers are booking jewellery, which they will collect on Akshaya Tritiya. "We expect at least 15 percent more sales than last year," Jain said.