Jewellers expect 25 per cent increase in gold business on Akshaya Tritiya, which falls on April 24 this year.
Akshaya Tritiya, a day in the Hindu calendar, is considered auspicious for buying the precious metal.
“The consumer mood in general is very upbeat despite the ruling high price... And we expect the business to be 25 per cent higher on Akshaya Tritiya,” the All-India Gems and Jewellery Trade Federation (GJF) Chairman, Mr Bachhraj Bamalwa, said.
Mr Bamalwa said the jewellers are using their old inventory to meet this demand. “Usually, we add new stocks during Akshaya Tritiya. However, this year we are not building any new inventory till the Government takes some positive action and rolls back the one per cent excise duty and (hiked) Customs duty proposed in the Budget.”
Gitanjali Group Chairman and Managing Director, Mr Mehul Choksi said the demand has been very strong.
“We are expecting about 25 per cent growth in sales during Akshaya Tritiya over last year in value terms, and the volume growth is likely to be around 10 per cent,” he said.
Mumbai Jewellers’ Association Vice-President, Mr Kumar Jain, opined that customers are booking jewellery for marriage season, which they will collect on Akshaya Tritiya.
“We are expecting better sales than last year.... We expect at least 15 per cent more sales than last year.”
However, Bombay Bullion Association President, Mr Prithviraj Kothari, said there is hardly any demand due to liquidity crunch in the market.
“There is no demand for jewellery as the prices of gold are ruling very high. Jewellers are also utilising old stocks for manufacturing jewelleries.”