Mumbai, April 25 – Despite gold prices hovering around ₹1 lakh per 10 grams, jewellery retailers are optimistic that consumer demand for lightweight gold jewellery and other items will rise during this year's Akshaya Tritiya celebrations. The festival, considered an auspicious occasion for purchasing precious metals, will be observed on April 30 this year, according to the Hindu calendar's Vaishakh month.
As per agency report, Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), stated that the gold market is bustling with anticipation as Akshaya Tritiya approaches. He emphasized that Akshaya Tritiya holds immense cultural significance in India and is traditionally associated with increased gold purchases.
Rokde added that despite the high prices, there is an expectation of strong consumer interest in lightweight jewellery and gold items. On Friday, gold was trading weakly at ₹95,075 per 10 grams on the MCX, facing resistance at the $3,330 per ounce level on the COMEX.
While acknowledging that some consumers might initially hesitate due to elevated prices, Rokde expressed confidence that gold’s enduring appeal as a safe investment and its integral role in Indian traditions would lead to positive growth in sales during the festival. He further noted that the jewellery industry is introducing a wide range of products tailored to various budgets and preferences to stimulate market demand.
