High prices no deterrent as gold shines on Akshaya Tritiya

The Hindu

30-04-2025

Gold and silver purchases for Akshaya Tritiya gathered momentum on Wednesday (April 30, 2025) afternoon, with jewellers expecting sales volumes to remain steady despite record high prices.
The All India Gem and Jewellery Domestic Council (GJC) anticipates a 35% jump in value terms compared to last year.
Gold was trading at ₹98,550 per 10 grams (including taxes) in Delhi on Wednesday, up from ₹72,300 during last year's festival.
Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness.
"We expect gold sale to remain steady at last year's level of 20 tonnes. However, in value terms, we see 35% increase in gold sale today," GJC Chairman Rajesh Rokde told PTI.
Shopping began early in south India, while northern regions saw increased footfall in the latter half of the day. An unexpected trend emerged with higher demand for gold mangal sutras and chains, alongside brisk silver sales, particularly for utensils, he said.
With the wedding season commencing during Akshaya Tritiya, demand is expected to rise significantly in the coming days.
Rokde noted that even consumers aged 25-40 are buying gold and silver, an emerging trend amid sharp rises in precious metal rates. Consumers are purchasing jewellery, coins, and bars based on necessity and budget.
"Affordability has been impacted due to rise in gold prices. However, there is strong buying sentiment due to Akshaya Tritiya," World Gold Council India CEO Sachin Jain said.
PNG Jewellers' Chairman Saurabh Gadgil reported that nearly 50 per cent of purchases involve old gold exchanges, allowing customers to manage budgets while maintaining festival and wedding traditions.
Kama Jewelry Managing Director Colin Shah said, "Overall, a 10-15% rise is sales was witnessed as compared to last year." GSI India Managing Director Ramit Kapur noted an uptick in studded jewellery across key Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year's festival.
The Confederation of All India Traders projects sales of approximately 12 tonnes of gold worth ₹12,000 crore and 400 tonnes of silver valued at ₹4,000 crore, totalling an estimated Rs 16,000 crore in business.
Buying of gold will continue till late in the evening on Wednesday.
Experts observe that gold demand has remained resilient over the past three years despite reaching new price peaks.
India imports 700-800 tonnes of gold annually.