Jewellers optimistic about good sales on Akshaya Tritiya

On the eve of Akshaya Tritiya which will unfold on April 24, 2012, the mood of jewellers is optimistic. Expectations are that sales will be good, despite the rise in gold prices. “The mood has been upbeat and the consumer is positive about purchasing jewellery on this auspicious occasion. We are definitely expecting to beat our sales from last year since gold and diamond prices have also been relatively stable in the last few weeks”, said Mr. Sandeep Kulhalli, Vice President-Retail & Marketing Tanishq.

Gold has traditionally been sought for purchase on the occasion of Akshaya Tritiya, as it is believed to symbolize auspiciousness and prosperity. The one-day festival is a big earner for jewellers, especially for gold coins and jewellery.

This year gold prices have touched above Rs.28,000 per 10 grams a few days prior to the festival, coupled with the rise in inflation, yet this has not completely dampened the mood of buyers. “Despite the current rates in the market we feel that people will buy jewellery as it is synonymous with AkshayaTritya. We have for the first time offered specially designed Gold Coins on our counters, these will be available in several sizes to fit each ones budgets”, added Mr. Mr. Ariez Tata (MD, Nascent Jewellery Pvt Ltd).

While discounts on purchases and free gifts like coins are being harped by jewellers to attract buyers, there is also a bent towards launching new collections. Tanishq has strategically launched an affordable range of diamond jewellery, close to the festive day. The brand is positive about good sales even in its diamond jewellery range although gold is traditionally the sought after metal on Akshaya Tritiya. “There is a shift in people wanting to buy wearable, contemporary jewellery and it is the same on Akshay Tritiya also. Gold jewellery in combination with diamonds and precious stones is a popular choice” said Mr. Kulhalli. Adding to the same sentiments, Mr. Ariez Tata (MD, Nascent Jewellery Pvt Ltd), spoke of the company’s brand offerings that, “We at Nirvana and Viola have changed our jewellery to comply with the needs of the consumers. The jewellery that we make is made of 18k yellow and white gold which is embellished with beautifully polished diamonds”.

Jewellers are making an enthusiastic attempt to lure the buyers, despite the fact that they were on a 21-day strike protesting the imposition of a hike in the import duty of gold bars and gold coins, and imposition of excise duty on unbranded jewellery, by Finance Minister Pranab Mukherjee. The strike was called off on April 8,2012, following assurances by the Finance Minister that the matter would be taken up for a withdrawal of the excise duty on unbranded jewellery. And now the jewelers are optimistic to make good of returning back to business. “Post the strike and with Akshay Tritiya and the upcoming wedding season, the overall response has been very positive and we are hoping for a surge in the weeks to come, added Mr. Kulhalli.