On the auspicious day of Akshaya Tritiya, the Confederation of All india Traders (CAIT) said on tuesday that the domestic jewelry industry is likely to see a "mixed trend" in gold and silver buying due to the high increase in precious metal prices. Pankaj Arora, president of the All india Jewellers and Goldsmith Federation, has estimated that Akshaya Tritiya, a Hindu holiday observed on april 30, will generate Rs 16,000 crore in revenue.

"This year, jewelry markets across the country are witnessing mixed trends ahead of Akshaya Tritiya, mainly due to the sharp rise in gold prices in recent weeks," the CAIT said in a statement. On the day of Akshaya Tritiya last year, gold prices were Rs 73,500 per 10 grams; today, they are at Rs 1 lakh.  In a similar vein, silver prices have increased from Rs 86,000 per kilogram in 2023 to Rs 1,00,000 per kilogram.  

According to Pankaj Arora, president of the All india Jewellers and Goldsmith Federation, "Akshaya Tritiya usually sees a surge in purchases, but this year, elevated prices have affected consumer demand."  According to him, sales of around 12 tonnes of gold valued at nearly Rs 12,000 crore and 400 tons of silver valued at Rs 4,000 crore are anticipated during this year's Akshaya Tritiya, resulting in an estimated total business of Rs 16,000 crore. 

He noted that the high prices of gold and silver are likely to cause a little slowdown in consumer purchasing sentiment.
 
The price of gold and silver has grown due to a number of factors, including rising crude oil costs, global economic uncertainty, the depreciation of the indian rupee against the dollar, and heightened investor interest in gold as a safe-haven asset.  The price increase has also been influenced by changes in interest rates and geopolitical concerns.
 
The current indian wedding season, according to CAIT's National President B C Bhartia, has kept the demand for jewelry from completely declining.
 
In order to entice clients, jewelers have also implemented alluring promotions. industry professionals have advised consumers to always insist on a correct bill and to only buy jewelry that is BIS certified and hallmarked.  In order to guarantee pricing transparency, they also counseled customers to deal solely with reliable jewelers.
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30/04/2025 09:31 AM