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Akshaya Tritiya Brings Hope for Jewellers Despite Challenges of High Gold Prices

Akshaya Tritiya, a popular festival celebrated in India, is known for being an auspicious day for buying gold and other valuable metals. This festival is considered one of the biggest jewellery buying periods in the country, with jewellers recording higher sales during this time. Suvankar Sen, MD & CEO of Senco Gold and Diamonds, acknowledges the importance of this festival for the jewellery industry, stating that the upcoming summer wedding season and Eid, along with Akshaya Tritiya, are reasons to be hopeful for good sales.

Despite the recent heatwave and high gold prices, Sen notes that the trend of buying gold and diamond bridal jewellery for upcoming marriages has remained strong. This year, there has been good traffic at Senco Gold and Diamonds’ e-commerce and digital gold platforms. Sen attributes the demand for diamond jewellery to the availability of EMI facilities and the affordable price of lightweight diamond jewellery.

The increase in gold prices by approximately 20% compared to last year has led customers to prefer “wedding jewellery packages” and budget for everyday wear jewellery. Many people have booked jewellery using Senco Gold and Diamonds’ monthly gold scheme and scheduled their delivery on the auspicious day. Sen expects demand for coins and bars to remain the same as every year, with the company expecting single to low double digit growth this Akshay Tritya.

Akshaya Tritiya is an important festival for the jewellery industry, with people buying gold and other valuable metals to bring prosperity and happiness to their homes. Despite challenges such as high gold prices and a recent heatwave, Senco Gold and Diamonds remains hopeful for good sales during this period, with a focus on lightweight diamond jewellery and affordable EMI facilities

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