Akshaya Tritiya 2019: Jewellers launch pre-booking schemes for gold purchases

Akshaya Tritiya 2019: Jewellers launch pre-booking schemes for gold purchases
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Highlights

  • Jewellers are expecting double-digit volume growth in gold sales this Akshaya Tritiya
  • Gold prices have fallen over the past few months

Jewellers are expecting double-digit volume growth in gold sales this Akshaya Tritiya, hoping that stable prices of the yellow metal will attract more buyers. Retail price of gold in India has come down to around ₹31,500 per 10 grams from close to ₹34,000 in mid-February. Many jewelers have launched pre-booking scheme through which customers can select and place their jewellery orders in advance. Akshaya Tritiya, which falls on May 7, is considered auspicious for purchasing gold.

Kalyan Jewellers has launched a pre-booking scheme through which customers can select and place their jewellery orders in advance, and simply pick it up on Akshaya Tritiya or closer to that date, thus avoiding the rush and long wait.

"We have seen a 30% growth in pre-booking compared to last year," said Kalyan Jewellers chairman TS Kalyanaraman.

Titans jewellery division chief executive for CK Venkataraman said the current sentiment and jewellery market outlook look positive. "In past five years, we have seen a double-digit growth every year and we expect this Akshaya Tritiya season to be very good."

India Bullion and Jewellers Association National vice-president Saurabh Gadgil expects 15-20% growth in demand this Akshaya Tritiya, which will be celebrated tomorrow. "The sentiment is positive as in most places voting will be over and also the festival falls virtually at the beginning of the month when salaried people have thicker pockets," he added.

Echoing similar views, All-India Gems & Jewellery Domestic Council chairman Anantha Padmanabhan, said: "We expect robust demand for gold/gold jewellery this Akshaya Tritiya due to price stability since the past few months and the improved consumer sentiment since Gudi Padwa. Looking at the current momentum we expect at least 10 percent demand growth this auspicious occasion."

World Gold Council managing director Somasundaram PR said this Akshaya Tritiya looks more optimistic than last year as the market has settled down after policy changes including note-ban and GST which had hit the industry very badly.

"Organised retail players, who are gaining ground with their more targeted marketing, are having greater impact on the positive consumer sentiment," he said.

India's gold demand is expected to rise in the June quarter from a year ago due to a higher number of auspicious days for weddings and a fall in domestic prices ahead of a Akshaya Tritiya, the World Gold Council had said earlier.

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