Image for representational objective solely.
| Photo Credit: PTI
The latest softening of the gold value has supported demand for the yellow steel on the auspicious day of Akshaya Tritiya and jewellers have been witnessing regular footfalls since morning.
“Since morning the footfalls have been good, mostly supported by the price coming down to around ₹56,500 levels for 22 karat gold,” All India Gem and Jewelry Domestic Council (GJC) chairman Sayam Mehra informed PTI.
People are shopping for new jewelry, largely in light-weight, and in addition selecting up the pre-booked objects. The footfalls are anticipated to extend because the day progresses, Mr. Mehra mentioned.
Jewellery from 5-33 grams and cash in 1-2 grams vary are fashionable this 12 months, he mentioned, including that this 12 months, after Hallmarking, jewelry has turn out to be extra fashionable than cash.
“This year we expect business to be around 17-18 tonnes in terms of volume on Akshaya Tritiya. Last year, people bought wedding jewellery as the marriage season was immediately after Akshaya Tritiya. However, this year it’s in June-July, so the major wedding jewellery purchases will happen in May,” Mr. Mehra mentioned.
Echoing related sentiments, PNG Jewellers Chairman and Managing Director Saurabh Gadgil mentioned, being a weekend, jewelry retailers expect good enterprise this Akshaya Tritiya primarily supported by the slight decline in gold prices.
“The footfalls have been good since morning on Akshaya Tritiya, considered auspicious to purchase something new. We expect the footfalls to remain steady till tomorrow. This year we are seeing a lot of interest in jewellery,” he added.
Former GJC chairman and NAC Jewellers (Chennai) Managing Director Anantha Padmanabhan mentioned, in the morning the footfalls have been gradual, nevertheless, since 11 a.m. it has been bettering.
“People are mostly preferring jewellery of up to 20 grams. We expect footfalls to continue till tomorrow,” he added.
Uttar Pradesh-based Aisshpra Gems and Jewels Vaibhav Saraf mentioned the shops opened early this morning for Akshaya Tritiya however prospects started coming in solely after 10 am and footfalls are regular and are anticipated to pick up extra throughout night.
“This year, there are wedding and engagement-related purchases, however, light weight jewellery of around 9-10 grams are more popular. The sudden hike in gold prices has affected the consumer sentiment,” he added.
