Industry lobby expects 10-15% gold sales growth on Akshaya Tritiya

The All India Gems & Jewellery Trade Federation (GJF) expects good growth in sales across India on Akshaya Tritiya, which falls on May 9 this year, due to the ongoing wedding season.

“Traditionally, Indians buy jewellery on Akshaya Tritiya and have great faith on this auspicious day. We expect a growth of 10-15% over last year due to pent up demand that was unfulfilled due to non-availability of products in previous months," said G V Sreedhar, chairman of GJF.

The federation expects the gold price to increase further in the coming days. The price has crossed Rs 30,000 per 10 gm while it was Rs 27,000 per 10 gm on Akshaya Tritiya last year.

"Many jewellers have undertaken aggressive promotional campaigns and lucrative offers to stimulate demand and customer queries and walk-ins have increased," Sreedhar said. "Overall, we are quite positive about increased demand culminating in higher sales, due to the ongoing wedding season as well. Akshaya Tritiya 2016 will herald a boom for the jewellery sector," he said.