Gold sales up to 25-30%

Gold sales 2022

Akshaya Tritiya's gold sales exceeded 25-30% to 27.5-28 tonnes this year, as stores opened for the first time in years on this festival. In the year leading up to Covid 2019, general gold sales of twenty-two tons were recorded on the Akshaya Tritiya, a day or occasion in the Hindu calendar when it is considered favorable for miles to buy gold and gold jewelry.

The price dropped to ₹51,340 per10 gram from the remaining week's peak of ₹54,000 per 10 grams delivered to customers, just like Tuesday, which was a public holiday following Eid and some of the weddings covered until July.

The gatherings of the public in the market were a large amount, as the prices of dropping gold come like a wedding season for everyone. As per the stereotypes that this day is special to buy stuff in your house, especially jewelry, the shop owners had a great profit out of it.

We have seen many customers since morning and they were shopping from all counters,” said Aditya Pethe, Director of WHP Jewelers, which operates in Maharashtra, Goa, and Madhya Pradesh. Jewelry are been sold, which includes gold, diamonds, silver, and coins. For these days (Tuesday) in particular, we are expecting a 25-30% year-on-year increase before the pandemic and we are waiting to see if the rest of this season goes well."

Diamond revenues also saw although the cost of polished diamonds fell 7-8% due to supply shortages. “The demand for diamonds was very strong in stores as the occasion of Akshaya Tritiya was there. This time the demand will exceed pre-Covid levels,” stated Sachin Jain, Managing Director of De Beers India.

Surendra Mehta, National Secretary, India Bullion & Jewelers Association, stated, “Reports from our members' pan-India display indicate that day-to-day sales have exceeded 25% more than pre-Covid. The number of visitors will similarly increase at night and continue the mid-night until then."