- Thursday, May 01, 2025
Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness
By: India Weekly
JEWELLERS across India are registering brisk sales on the occasion of Akshaya Tritiya on Wednesday (30), considered auspicious for buying gold and silver ornaments and coins, despite high prices.
All India Gem and Jewellery Domestic Council (GJC) expects gold sales to jump 35 per cent in value terms over the last year.
Consumer footfalls were higher in south India during the first half of the day, and it is expected to pick up later in Maharashtra and northern states later in the day.
Gold prices are trading between ₹99,500 ($1,176.08) and ₹99,900 ($1,180.81) per 10 grams across different parts of the country, 37.6 per cent higher than ₹72,300 ($854.58) on Akshaya Tritiya in 2024.
Consumers who had hesitated to buy gold at elevated prices are now purchasing as prices have stabilized from peak levels, GJC Chairman Rajesh Rokede told PTI.
“We expect gold sales to remain steady at last year’s level of 20 tonnes. However, in value terms, we see 35 per cent increase in gold sales today,” he said.
Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness.
Saurabh Gadgil, chairman and MD of PNG Jewellers, told CNBCTV18.com that there has been a steady increase in customers buying gold as an investment.
He observed that while 70 per cent of customers tend to buy jewellery and 30 per cent go for coins and bars as an investment, he predicts that during this Akshaya Tritiya, the ratio will be 60-40.
Nearly 50 per cent of purchases are being financed through old gold exchanges, allowing customers to manage budgets without compromising on festive or wedding needs, he added.
Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year’s festival.
Experts said gold demand has not declined in the last three years despite the yellow metal reaching new peaks.
India is the world’s largest gold consumer and imports 700-800 tonnes of yellow metal annually. (Agencies)
