Akshaya Tritiya’s auspicious day has started on a strong note as jewelers witness good footfall. With Tuesday being a public holiday, consumers flock to stores early before the temperature soars.

“Jewelers across the country have been opening their stores early across the country and there has been strong footfall momentum since the morning. There has been positive sentiment in the market for the past 10-15 days and we expect may it continue on the day of Akshaya. Tritiya. We expect to do business of 25-30 tons on this auspicious day,” said Shyam Mehra, Vice Chairman of the All India Gem and Jewelery Domestic Council. PTI.

When asked if high prices would become a hindrance to sales of this Akshaya Tritiya, he said gold prices fell to around ₹50,500 per 10 grams from 55,000 to 58 ₹000 for 10 grams, which boosted consumer confidence.

“It usually takes about 10 to 15 days for people to accept the price movement. And since prices have gone down, there is usually a positive sentiment in the market, which expects gold prices to increase in the future. This will also help boost sales,” he added.

Echoing similar views, PNG Jewelers Managing Director and CEO Saurabh Gadgil said footfall is strong and expected to increase as the day progresses for the next 1-2 hours.

“We are expecting a good number of people before it gets too hot in the afternoon. It will pick up again in the evening when the temperature cools down. come to the stores at ease,” he added.

Executive Director of Kalyan Jewelers, Ramesh Kalyanaraman said buying gold as a tradition is an integral part of Akshaya Tritiya and this, coupled with the current wedding season, has created a positive sentiment on the market.

“Although before, Akshaya Tritiya was more of a South and East centric occasion, now we see it being celebrated at pan-Indian level. After two years of lockdown or partial lockdown, this year 100% of our Showrooms are operational. Offline shopping still accounts for a significant majority of jewelry industry sales, and we expect strong customer footfall in our showrooms,” he added. .

This Akshaya Tritiya will be fruitful for the industry, setting new milestones in the demand for gold jewelry, he added.

CaratLane COO and co-founder Avnish Anand said with consumer sentiment improving with each passing day, the purchasing power of the Indian market has increased this year due to pent-up demand for the season.

CaratLane definitely expects significant growth in terms of traffic, footfall and conversions this Akshaya Tritiya due not only to pent-up demand, but also due to its digital-first omnichannel strategy, which increases the efficiency of online and offline consumers. , he said.

“Additionally, traffic is expected to increase by 11% and the average selling price (ASP) has increased by 23% since February 2022, which has been another good season for us,” he added.