Latest news with #PNGJewellers
Business Mayor
02-05-2025
- Business
- Business Mayor
Gold nears Rs 1 lakh: Jewellers cautiously hopeful of Akshaya Tritiya demand
Representative AI Image 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.
Time of India
30-04-2025
- Business
- Time of India
Gold price makes Akshaya Tritiya sales see-saw from slow to brisk
Panaji: Gold lost some of its sheen on the auspicious occasion of Akshaya Tritiya on Wednesday as high gold prices prompted many customers to reconsider their purchases. At the same time, wary about a further jump in gold prices, some customers decided to go ahead and buy on the propitious occasion. Gold traders and jewellers, who were counting on a repeat of 2024's strong demand, said that though they did brisk business, footfall and sales did not match the previous year's demand. Stores recorded a sluggish response in the first half of the day. Sales of gold, silver, and jewellery surged in the second half of the day as customers shrugged off their reluctance, said jewellers. Jewellery sales regained their sparkle in the evening, which coincided with a marginal drop in international gold prices . 'We found a lukewarm response because the prices are high. We were prepared for this because the prices increased drastically over the past ten days,' said Pramit Raiker, the president of Goa Gold Dealers Association . 'We called up some of our customers. We realised that many of them are convinced that prices will decline,' said Niyati Naik, the store manager at PNG Jewellers . Naik added, 'Business was not as good as last year's, but for the prices that are prevailing, we are happy with the sales.' The price of 24-karat gold briefly touched the five-digit figure of Rs 1 lakh last week but declined a bit since then to settle around Rs 89,000 for 10 gram. In Goa, the price of 22-karat gold hovered around Rs 8,860 per gram, while silver, also considered auspicious to buy on Akshaya Tritiya, was retailing for Rs 98 per gram. Buying gold on Akshaya Tritiya is a popular tradition of Hindus and Jains, as gold is a symbol of prosperity and good fortune. Individuals also purchase silver, diamond jewellery, cars, and homes. To cater to the demand, jewellers opened their stores earlier than usual and kept the shutters up till late night. Demand for gold and jewellery was supported by the wedding season and concern among some customers that gold prices will keep increasing. 'We opened at 8.30am instead of our regular opening time of 10am. Our counters were full, so we had to open a temporary counter and make customers stand in a line,' Naik said.
Business Recorder
30-04-2025
- Business
- Business Recorder
Record gold prices dampen demand during Indian festival
MUMBAI: Gold demand remained lower than normal on Wednesday during an Indian festival when buying gold is considered auspicious as the rally in prices to a record high prompted retail consumers to reduce purchases. Indians were celebrating Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras. 'Footfalls in jewellery stores improved from evening but still in volume terms demand was around 15% lower than normal,' Surendra Mehta, secretary at the India Bullion and Jewellers Association (IBJA). Big retail chains, which were offering discounts on jewellery making charges, were doing comparatively better business than single-store retailers, as near-record high prices stretched consumers' budgets, Mehta said. Domestic gold prices hit a record high of 99,358 rupees per 10 grams this month and were around 95,000 rupees on Wednesday, nearly 30% higher since the last Akshaya Tritiya festival. Despite record-high gold prices, positive consumer sentiment persists, with many exchanging old jewellery for new to manage budgets for festivals and weddings, said Saurabh Gadgil, chairman of PNG Jewellers. Indian dealers on Wednesday offered a discount up to $20 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies. Gold demand during Akshaya Tritiya was likely lower in volume but could be the same or slightly higher in value, said Sachin Jain, CEO of the World Gold Council's Indian operations. Big and small retailers were offering discounts on jewellery making charges to lure retail buyers. However, many still preferred to buy coins and bars for investment purposes, said a Hyderabad-based jeweller. 'Demand was lower than usual, but still better than what the industry expected. Even with record-high prices, retail buying didn't take a big hit,' said IBJA's Mehta.
Hindustan Times
30-04-2025
- Automotive
- Hindustan Times
Gold continues to glitter in Pune on Akshaya Tritiya
On the auspicious occasion of Akshaya Tritiya on Wednesday, considered one of the most significant days in the Hindu calendar, a large number of people flocked to markets to purchase gold, continuing a long-standing tradition believed to bring prosperity. Shops like PNG Jewellers, Ranka Jewellers, Ashtekar Jewellers and many others witnessed significant footfall throughout the day. Shailesh Ranka, director of Ranka Jewellers, said, 'Even though gold prices have crossed ₹95,000, people's faith in the auspiciousness of Akshaya Tritiya remains strong. Many are still buying at least one tola (approximately 10 grams) of gold today.' He added that all three of their showrooms in Pune saw brisk business. 'We have evolved our designs over time, and currently, lightweight jewellery is in high demand among customers,' Ranka said. 'Every year on Akshaya Tritiya, we make it a point to buy at least a small piece of gold it's a tradition in our family. This time, even though the prices were quite high, I still bought a pair of gold earrings for my daughter. I believe buying gold on this day brings long-term prosperity and blessings,' said Meena Pardeshi a citizen. The price of 24-carat gold was ₹97,970 per 10 grams, while 22-carat gold was priced at ₹89,750 per 10 grams. The rate for 24-carat gold has dropped by ₹60. However, with GST applicable on gold purchases, the net price difference was not significant. Meanwhile, there has been a decrease in two-wheeler vehicle registration this year during the Akshaya Tritiya period at the Pune Regional Transport Office (RTO) compared to last year. Interestingly there is a rise in the four-wheeler registration compared to other types of vehicles. As per the data shared by the Pune RTO, between April 22 and April 29, a total of 6710 vehicles were registered whereas from May 2 to May 9 last year a total of 7,191 vehicles were registered under Pune RTO. Last year a total of 1,593 cars were registered compared to this year a total of 1,680 cars were registered during this period. 'We had been planning to buy a new car for a while, and Akshaya Tritiya felt like the perfect day to go ahead with the plan. We booked a compact SUV and even performed a small pooja at the dealership,' said Rajesh Kulkarni, an IT professional.
Time of India
30-04-2025
- Business
- Time of India
Gold nears Rs 1 lakh: Jewellers cautiously hopeful of Akshaya Tritiya demand
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.' 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.
