Gold nears Rs 1 lakh: Jewellers cautiously hopeful of Akshaya Tritiya demand
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New Delhi: Even as gold prices hover at record highs, jewellers and retailers are cautiously optimistic about consumer turnout during Akshaya Tritiya. Consumer sentiment around gold remains buoyant despite volatility in the global economy and persistent inflationary pressures. Gold is currently priced at around ₹98,000 per 10 grams for 24K in many markets. Despite this, jewellers say sentiment remains positive, with both investment and occasion-led buying expected today.
'This Akshaya Tritiya is seeing strong interest despite high prices,' said Dr. Saurabh Gadgil, CMD of PNG Jewellers. 'While prices are at an all-time high, investor confidence in gold remains intact. The upcoming festival, positioned at the heart of the wedding season, is expected to draw both investment-led and occasion-driven purchases.'
Jewellers are witnessing a shift in demand patterns, with rising interest in lightweight and studded jewellery, as consumers seek value and versatility. 'The high price points are accelerating consumer interest in natural diamonds, polki and coloured gemstones,' Gadgil added. 'There's also consistent demand for coins and bars, as consumers continue to view gold as a long-term, safe asset.'
Retailers expect festive demand to remain resilient, but customer budgets are under pressure. In his recent interview with ETRetail, Ajoy Chawla, CEO of Titan Company's Jewellery Division, noted a clear divide in consumer behaviour. 'Gold is being perceived as a safe haven amid global uncertainties, but rising prices are creating anxiety. Consumers are torn between the urgency to buy during the festive period and concerns over whether prices will correct later.'
Read More Luxury sector outlook clouded by China's slow recovery
He added that Titan expects double-digit growth during Akshaya Tritiya, though largely led by higher ticket sizes. 'Buyer growth may be marginal. We're seeing more value-led transactions than volume-led ones.'
Despite the cautious mood, companies are gearing up to drive in-store footfall and conversions. At Aditya Birla's Indriya stores, foot traffic is expected to increase, buoyed by new design launches and promotional offers. 'Jewellery buying during Akshaya Tritiya continues to be deeply rooted in Indian tradition,' said Sandeep Kohli, CEO of Indriya. 'While price sensitivity is real, customers are engaging with fresh designs and exploring flexible exchange policies.'
Meanwhile, retailers are also leveraging new formats to meet changing consumer habits. Quick commerce platform Instamart has tied up with Kalyan Jewellers to deliver gold and silver coins in over 100 cities. The move marks Kalyan's debut on a fast-commerce platform, reflecting the evolving ways in which consumers are looking to make last-minute festive purchases.
The initiative is aimed at tapping into impulse and convenience-led buying patterns. 'This partnership allows us to blend tradition with speed,' said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers. 'The option to order certified coins in minutes aligns with changing lifestyles and last-mile demand surges.'
While demand for Akshaya Tritiya is expected to hold, jewellers say future trends will depend on gold price movements and broader economic conditions.
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