India is probably the only country where a religious day is linked with buying of gold and Akshaya Tritiya is one of the most auspicious day in the Indian gold calendar, with sales peaking during this period. But, this time jewellers are not expecting much sales, both by value and volume due to high prices.
Gold is currently trading at Rs 30,050 per 10 grams in domestic market.
According to media reports, All India Gems and Jewellery Trade Federation Chairman Sreedhar G V said the during Akshaya Tritiya (which falls of May 9) we are expecting marginal growth in sales compared to last year as the prices are ruling very high and due to the present dry weather conditions in the country.
And most of the consumers placed their orders as soon as the strike ended. Usually, customers placed order for bridal jewelleries before one month. So, there will be less demand for heavy jewellery and people might go for small ticket size items, chains and bangles.