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25 per cent rise in jewellery sales expected this Akshay Tritiya
Weak prices in gold may push the jewellery sales this year.
By: Diamond World News Service
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Apr 20 2015 6:58PM
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Reference: 11391  

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Floral Inspired 18K textured gold pendent set studded with  red garnet & Green onyx stones  by Manubhai jewellers
Floral Inspired 18K textured gold pendent set studded with red garnet & Green onyx stones by Manubhai jewellers
Akshay Tritiya or Akha Teej is the auspicious occasion of fortune, wealth and success. In India, this day is considered auspicious to buy gold. This year, Akshay Tritiya falls on 21st April, 2015. India is a gold-hungry nation wherein occasions like Akshay Tritiya help boost gold/gold jewellery sales.

In 2014, the retailers witnessed did not witness drastic jump in sales as the country was in the middle of the most decisive elections. Elections and model code of conduct had its effect on the jewellery sales. However, this year there may be rise in sales on Akshay Tritiya.

This year, however, the retailers feel that the continued weak gold prices may push the sales this year. Also, mandatory PAN card details for purchases above Rs. 1 lakh will be effective from 1 June, 2015 and hence, Akshaya Tritiya sales might not be affected by it. Also, there may be rise in sales of gold coins instead of gold jewellery as jewellery becomes expensive due to making and other charges involved, say analysts.

“We definitely expect an uptrend in jewellery sales this Akshay Trithya as there has been a fall in the price of gold in recent months. This season always sees a demand for gold. One should also not ignore the trending up of diamond jewellery with the pre-booking schemes doing well at our stores this year. On the whole we are quite bullish about sales on this day,” said Rajeev Sheth, Chairman & Managing Director, Tara Jewels.

Even Anmol Jewellers is expecting surge in the business on the eve of Akshay Tritiya. Ishu Datwani, Director, Anmol Jewellers said, “The sales graph is on an uptrend. Business has definitely improved in the last couple of months and since there are weddings in May, we do expect sales to increase by 20-25 per cent this year on Akshaya Tritiya.”

On the occasion of Akshay Tritiya, Rajiv Popley, Director, Popley Group said, “There is a growth of 20 per cent as compared to the last year. With the market being better than last year we expect the sales to increase because we have got customer bookings which happened in advance, we are seeing optimistic booking happening already for the festival.”

As has been trend, gold is expected to rule the roost. However, there is demand for combination of gold and diamonds said Hardik Kapoor, Founder, Jewelsify.com. As buyers are particular about designs and weight of the jewellery, there is demand for light weight diamond jewellery, said Anand Kulthia, Director, Kulthiaa Jewel.

As far as regions are concerned, Suvankar Sen, Executive Director, Senco Gold and Diamonds Ltd said, “ We expect good sales response from Eastern part of India. Customers from cities like Delhi gave us very good response last year . So definitely for this year too we expect even better sales as we have opened new outlets in Delhi, Lucknow and planning to open more in Southern area. As per the current Gold price we expect 5-7 per cent increase in our sales this year.”

Varieties of collections have been launched to mark the occasion of Akshay Tritiya. Shipra Jain, Vice President – Design, Bluestone.com on their newly launched Kuber Yantra collection said, "Akshaya Tritiya is considered to be the most auspicious day for jewellery purchase. Gold jewellery bought on this day amplifies good fortune. Specifically designed for the occasion, BlueStone's latest collection endeavours to bring in the spiritual elements of Kuber Yantras.”

The Popley Group has launched the collection, which comprises of an exclusive range of Gold Bangles, Gold Bracelets, Kadas, Earrings and Gold Necklaces that appeals to the aspirations of every Indian woman. The new collection is a wonderful bridge between traditional style and modern finesse with intricate carvings that reflect the traditional roots. While, Manubhai Jewellers’ collection comprises of necklaces and pendant sets designed with textured gold. While keeping in flavour of the spring summer trend, each piece is wedged with deep red garnets and green onyx that adds a touch of radiance to the whole jewellery piece. They have also launched their Jadau bridal collection. Gehna Jewellers have come up with a special festive line that offers a range of versatile gold jewels encrusted with diamonds, uncut diamonds, coloured precious and semi precious gemstones. SUNAR had launched jewellery pieces made with the perfect blend of kundan, polki, diamonds and colored gemstones, crafted and set in 22K hallmarked gold.

In order to encourage the consumer sentiment to trade gold on Akshaya Tritiya, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are extending trading hours for Gold Exchange Traded Funds (ETFs), on the day of the festival. The trading can take place until 7 pm, reports say. When the market hours conclude at 3.30 pm, the trading in gold ETFs will begin again at 4:30 pm until 7 pm on April 21st, when Akshaya Tritiya will be celebrated. The hours will be extended for live trading of gold ETFs of Axis, Goldman Sachs, HDFC, ICICI Pru, Kotak, Quantum, Reliance, Religare, SBI, UTI and Birla Sun Life mutual funds, as per reports. Also, BSE will waive off transactions charges for all trades in Gold ETFs on the festival day.

This apart, the retailers have introduced offers to lure more buyers online as well as to the stores. Tara Jewels is offering great deals at Amazon on their latest collection of gold and diamond jewellery for the net-savvy consumers of today. We have also introduced a special offer on making charges starting from Rs. 299 per gram on gold jewellery and a discount of up to 25 per cent off on diamond jewellery. Customers can also pre book and lock gold with 20 per cent advance and pay the rest on the date of the delivery.

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