Jewellers see 40% jump in sales on Akshaya Tritiya this year

NEW DELHI/MUMBAI: Consumers on Friday flocked to buy gold and jewellery on Akshaya Tritiya, considered an auspicious day for purchasing valuables, with jewellers seeing 40% jump in sales over last year. They said the surge has been due to pent up demand and favourable prices.

Jewellers in major cities including Delhi and Mumbai are witnessing significant rise in footfalls in their showrooms and they see 30-40% growth in their sales both in value and volume terms.

"There is a positive sentiment across the country and there is a surge in footfalls this year. I consider this year demand to be the best after two years as consumers are back to buying gold," India Bullion and Jewellers Association (IBJA) director Saurabh Gadgil said.

World Gold Council's India MD Somasundaram P R said: "Despite the heat, we are getting reports of consistent footfalls indicating that stability has come to the industry, which went through several challenges last year. Stronger rupee making gold price attractive and reports of probable price rise in jewellery after implementation of GST are also aiding sales this year," he added.

Gold prices rose by Rs 30 to Rs 29,480 per 10 grams at the Delhi bullion market. In Mumbai, gold prices shot up by Rs 120 per 10 grams. All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal said the Akshaya Tritiya has been spread over two days and this will boost sales.