Despite the increase of almost 40 per cent from last year in terms of gold price, the volume did not drop this year, mainly because of people’s confidence that gold will rise more.
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SHIV KUMAR PUSHPAKAR
Chennai housewife RR Priya picked the wrong day to buy silver utensils from a famous jewellery house in T Nagar in Chennai. It took nearly two hours for her to make the payment for the purchase.
Higher gold prices this year did not deter consumers from purchasing the precious metal on the auspicious occasion of Akshaya Tritiya. According to Varghese Alukkas, Managing Director, Jos Alukkas, many jewellery stores opened as early as 6:30 am to align with the muhurat.
Rajesh Rokde, Chairman, All India Gem and Jewellery Council (AIGJC), claimed that gold sales this Akshaya Tritiya totalled ₹20,000 crore.
“The recent price fluctuations, peaking at ₹99,500 as on April 22 and now down to ₹95,000, have only reinforced buyers’ confidence in gold as a strong investment,” he said.
No dip in purchasing power
S Abdul Nazar, State General Secretary, All Kerala Gold and Silver Merchants Association (AKGSMA), said despite the increase in prices, there has been no decrease in the purchasing power of gold buyers. In Kerala, sales of precious metals topped ₹1,500 crore.
“The number of people buying gold has increased due to the realisation that gold is not only worn as an ornament, but also a good source of income,” he said.
Despite the increase of almost 40 per cent from last year in terms of gold price, the volume did not drop this year, mainly because of people’s confidence that gold will rise more. It was also more for the fact that the gold that they bought last time has gone up by 40 per cent, said Amarendran Vummidi, Managing Partner, Vummidi Bangaru Jewellers India Pvt Ltd.
“This Akshaya Tritiya, we saw a strong turnout, reflecting the deep emotional and cultural connection people have with the festival. While overall purchases were more measured compared to previous years, what stood out was the enduring trust and belief of the Indian consumer in gold as a timeless investment,” said John Alukkas, MD, Jos Alukkas India Pvt Ltd.
Consumer preferences
Lightweight jewellery, coins, 24-carat bars, diamond, platinum and silver jewellery were all lapped up on Wednesday. However, there was increasing demand for light jewellery. This time, jewellers were ready with ornaments weighing as little as 100 mg, said Nazar.
Interestingly, Zepto, in its LinkedIn post, said it observed sales of 2,235 gold coins per hour on Akshaya Tritiya, with its order statistics between 8 am and 12 pm.
“With the drop in gold prices, the number of customers increased notably, contributing to an impressive total sales figure,” said Rodke.
“Lightweight jewellery and gold coins — particularly in 100 mg or 200 mg denominations — saw more traction this year. Silver articles, too, witnessed better demand compared to usual days,” said Varghese Alukkas.
Steady footfall
MP Ahammed, Chairman, Malabar Group, said his company noticed a 30 per cent increase in turnover this time, compared to last year, and has seen healthy footfalls.
Rodke spoke of two types of consumers: those buying in the ₹50,000-5,00,000 bracket and those in the ₹10-15 lakh bracket.
Varghese Alukkas said consumer footfall was steady in the morning and picked up again post 5 pm. “The overall rush was limited as the festival fell on a working day and coincided with month-end, which typically restricts consumer spending,” he said.
Amarendran said. around 8 pm, jewellers hoped to hit last year’s mark with two hours to go. Varghese Alukkas said despite the drop in volumes, revenues are expected to remain stable, as the spike in gold prices has offset the lower quantity purchased.
With inputs from TE Rajasimhan, Chennai; Aishwarya K, Bengaluru and Suresh Iyengar, Mumbai
Published on April 30, 2025
