&w=3840&q=100)
Akshaya Tritiya biz may touch Rs 16K cr, market to see mixed trend: CAIT
The domestic jewellery market is likely to witness a "mixed trend" in gold and silver buying on the auspicious day of Akshaya Tritiya amid sharp rise in prices of precious metal, Confederation of All India Traders (CAIT) said on Tuesday.
All India Jewellers and Goldsmith Federation President Pankaj Arora has projected a business of Rs 16,000 crore on Akshaya Tritiya, a Hindu festival celebrated on April 30.
"This year, jewellery markets across the country are witnessing mixed trends ahead of Akshaya Tritiya, mainly due to the sharp rise in gold prices in recent weeks," CAIT said in a statement.
Currently, gold prices have touched Rs 1 lakh per 10 grams, compared to Rs 73,500 on the day of Akshaya Tritiya last year. Similarly, silver prices have touched Rs 1,00,000 per kilogram, up from Rs 86,000 per kilogram in 2023.
All India Jewellers and Goldsmith Federation President Pankaj Arora said, "Typically, Akshaya Tritiya sees a surge in purchases, but this year, elevated prices have affected consumer demand." On this year's Akshaya Tritiya, sales are expected to reach around 12 tonnes of gold worth nearly Rs 12,000 crore and about 400 tonnes of silver worth Rs 4,000 crore, making a total estimated business of Rs 16,000 crore, he said.
A slight slowdown in customer buying sentiment is expected due to the high prices of gold and silver, he added.
Global economic uncertainty, rising crude oil prices, weakening of the Indian rupee against the dollar, and increased investor interest in gold as a safe-haven asset have driven up the prices of gold and silver. Additionally, geopolitical tensions and fluctuations in interest rates have also contributed to the price surge.
CAIT's National President, B C Bhartia said the ongoing wedding season in India has prevented a complete drop in jewellery demand.
Jewellers have also introduced attractive offers to draw in customers.
Trade leaders have urged customers to purchase only BIS hallmarked and certified jewellery and to always insist on a proper bill. They also advised buyers to transact only with trusted jewellers to ensure pricing transparency.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
35 minutes ago
- Hans India
Jaishankar reaffirms India's zero-tolerance policy on terrorism
New Delhi: India expects partners to understand its policy of "zero tolerance" against terrorism, and it will never countenance "perpetrators of evil" being put on par with its victims, External Affairs Minister S Jaishankar said on Saturday during extensive talks with his British counterpart David Lammy. Jaishankar's remarks, which seemed to be an attempt to send an unambiguous message to the global community, came against the backdrop of unease in New Delhi over several countries hyphenating India and Pakistan following their four-day clashes last month. Lammy arrived in New Delhi on Saturday morning on a two-day visit to review various aspects of the strategic partnership between the two countries. A British readout said bolstering economic and migration ties and delivering further growth opportunities for British businesses are set to be at the top of the UK foreign secretary's visit to India. Before holding talks with Jaishankar, the British foreign secretary met Prime Minister Narendra Modi. In his televised opening remarks at the meeting with Lammy, Jaishankar thanked the UK for its strong condemnation of the "barbaric" Pahalgam terror attack and London's solidarity and support to New Delhi's fight against terrorism. "We practice a policy of zero tolerance against terrorism and expect our partners to understand it, and we will never countenance perpetrators of evil being put at par with its victims," he said. It is understood that the Indian side explained its challenge of dealing with cross-border terrorism emanating from Pakistan. The UK was among the countries which were in touch with both India and Pakistan in an attempt to de-escalate tensions during their military conflict from May 7-10. Lammy paid a two-day visit to Islamabad from May 16, during which he welcomed the May 10 understanding between India and Pakistan to stop the military actions. Jaishankar also described the recently finalised India-UK free trade deal and the double contribution convention as "truly a milestone". "The recent conclusion of the India-UK FTA and the double contribution convention is truly a milestone which will not only propel our two-way trade and investment but will also have a positive effect on other strategic aspects of our bilateral ties," Jaishankar said.
Time of India
39 minutes ago
- Time of India
‘No hierarchy, you don't have to wait for your manager to leave to go home': Indian techie reveals why work-life balance is not just a ‘buzzword' in Sweden
An Indian software engineer in Sweden highlighted the stark differences in work culture compared to India through an Instagram video. He emphasized Sweden's flexible schedules, flat hierarchies, and strong focus on work-life balance, where employees are encouraged to prioritize well-being and leave work early. This contrasts with the more intense, formality-driven corporate environment often found in India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads An Indian software engineer currently living in Sweden offered an insightful look into European work culture , drawing a clear comparison to the often intense corporate atmosphere found in India. Through a simple yet impactful Instagram video that has now surpassed 8.5 million views, Ashutosh Samal laid out the key contrasts between working in Sweden and the environment he was used to back described how most employees in Sweden begin their workday around 8 in the morning, with some companies even providing complimentary breakfast to help their teams start the day smoothly. Offices typically embrace a high degree of flexibility—not just in schedules, but also in the physical work environment. There are no designated desks or private cabins. Whether it's a junior staff member or the CEO, everyone is free to sit wherever they prefer. This practice symbolizes the absence of rigid corporate Swedish offices, the concept of hierarchy is minimal. There is no excessive formality or use of titles, a marked difference from the formality-heavy 'sir' culture common in Indian workplaces. Leadership is more approachable, and collaboration is encouraged across all levels. Ashutosh mentioned that it's not unusual for the CEO to share a desk with other employees, reinforcing the egalitarian nature of the seating and structure, the culture promotes well-being and balance. Employees are not just permitted but actively encouraged to take breaks, grab coffee, or play indoor games during office hours. When the summer season rolls in, many companies reduce the typical eight-hour workday to just seven hours, allowing workers to make the most of the longer daylight late afternoon—usually around 4 or 4:30 pm—most employees are done with their work and head out to spend quality time with their loved ones or simply unwind. Ashutosh emphasized that in Sweden, work-life balance isn't just a trendy phrase; it is woven into the very fabric of their professional video resonated deeply with viewers across the globe. While some Indian users pointed out that perks like free meals, movie tickets, gym memberships, and cab services are also available in several Indian companies, others focused on the deeper cultural shift taking place. A few mentioned that workplaces in cities like Noida are slowly evolving as younger entrepreneurs reshape traditional international viewers, now working outside India, also weighed in. One person who moved to Luxembourg shared that leaving India's high-pressure corporate setup was one of their best life decisions. Another person, who had worked in Helsinki, remarked that the respectful and inclusive work environment in Scandinavia had set a standard they now expect reflection by Ashutosh offered more than just a glimpse—it highlighted a model where respect, flexibility, and well-being are prioritized over pressure and hierarchy.
NDTV
41 minutes ago
- NDTV
Indian Techie Impressed By Sweden's Work-Life Balance: "Most Employees Leave By 4 pm..."
An Indian software developer in Sweden has gone viral on Instagram with a video sharing his observations on the stark differences in corporate culture between India and Sweden. In the video, Ashutosh Samal highlighted that work-life balance is genuinely valued in Europe, not just a buzzword. He shared that in Sweden, employees typically start work at 8 am, and some offices even offer free breakfast to kick-start the day. What's more is that Swedish workplaces have an open workplace with no assigned desks, allowing everyone, including the CEO, to sit wherever they like, removing hierarchy. "Everyone is on the same level. Even our CEO sometimes sits next to me and works," Mr Samal noted. He further mentioned that employees are encouraged to take breaks, play games, and grab coffee during work hours, promoting a relaxed atmosphere. During summer, some offices even shorten the workday from eight to seven hours. By 4 or 4:30 pm, most colleagues wrap up and head home, prioritising time with family and friends. "How different is the corporate office culture in Sweden, Europe, than India" the video was captioned. Watch the video here: View this post on Instagram A post shared by Ashutosh Samal (@roamwithashutosh) His video resonated with many viewers. While some agreed that work-life balance is more ingrained in European cultures, others noted that India is slowly shifting towards a similar approach, with many companies prioritising employee well-being and flexibility. One user wrote, "I enjoy the same work culture in Luxembourg, and I feel I made a great decision to skip India's toxic corporate culture." Another commented, "I worked in Helsinki. And it has spoiled me for life. Everyone is so respectful of each other. Scandinavia rocks." A third said, "This is basic corporate culture everywhere in the world. You get free breakfast, but in some Indian corporations, we get free lunch and snacks too.. Plus free movie tickets, gym, cab facilities and corporate dinner." A fourth added, "Working in a small org in Bangalore, India. Same practices as u mentioned."
