Retail jewellers experienced a significant influx of customers during the auspicious jewellery-buying festival of Akshaya Tritiya, occurring on 11th May 2024. Amidst gold prices standing at Rs. 73,000 per 10 grams, customers displayed a notable trust in the enduring value of gold, resulting in purchases spanning both bridal and everyday wear categories. Diamonds, too, garnered attention, with customers opting for designer pieces tailored for daily wear. Solitaire International spoke to several leading retailers nationwide to gauge the prevailing market sentiment.
Gold and silver jewellery and coins did well across the country on Akshaya Tritiya, bolstered by the belief that purchases on this auspicious, one-day festival bring prosperity to households.
“Every year sales used to increase as against preceding year, but this year it was not so. While volume-wise there might be a 5% decline, value-wise it was similar,” All India Gem and Jewellery Domestic Council chairman Saiyam Mehra said.
Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers, said, “We have been witnessing continued robust momentum in footfalls and revenue from the beginning of the current financial year. This traction has continued during Akshaya Tritiya, registering strong footfalls from existing as well as new customers across all the markets in India and the Middle East resulting in robust retail revenue growth across gold and studded segments. We have tracked revenue for the first 40 days of the current quarter to maintain a like-for-like comparison as Akshaya Tritiya was celebrated during the fourth week of April in the previous financial year, as opposed to in May this year. For the first 40 days of the quarter, we have witnessed early double-digit same-store-sales-growth (SSSG) when compared with the same period in the prior year.”
Mitesh Khimji, Director, Khimji Jewellers, Odisha, said that for this year’s Akshay Tritiya, sales commenced on 1st May and will continue until the end of the month. “Despite the surge in gold prices, customers are enthusiastically purchasing gold, diamond, and silver items in significant numbers. Particularly, there is a heightened interest in diamond jewellery this year. Customers are also opting for heavier gold jewellery, recognising its potential for lucrative returns on investment. Those who invested in gold last year have seen returns of up to 20-25%, and historically, gold has proven to be a solid investment. Overall, we expect a sales increase of 10-14% in value this Akshay Tritiya as compared to last year.”
Pratik Dugar, Director, Indian Gem & Jewellery Creation, Kolkata, revealed that due to the rise in the price of gold demand of gold jewellery and gold coins rose substantially because “consumers have a feeling that gold may climb higher in the near future. At our showroom, studded jewellery between Rs. 50,000 and Rs. 5 lakhs saw good demand.”
Dr Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, stated, “This year’s Akshay Tritiya started on a positive note. As the day progressed, there was a steady increase in footfalls on 11th May. High gold prices have not been a deterrent and sales numbers are looking strong. Consumers are also visiting to pick up their pre-ordered purchases today. The auspicious day of Akshay Tritiya this year has fallen on a Friday, so we got considerable amount of footfalls over the weekend, too, as it allowed office-going people to make their purchases.”
Vijay Soni, Director, Mahabir Danwar Jewellers, Kolkata informed that demand for fine jewellery was robust this time, driven by the wedding season and associated festivities. Although there was a notable interest in gold coins, silver coin demand remained stagnant. “Specifically, our store, experienced a significant 20% surge in the demand for studded gold jewellery compared to the same period last year. Customers were typically purchasing items ranging from Rs. 1 lakh to Rs. 10 lakhs, with average transactions amounting to Rs. 2 lakhs.”
Rahul Mehta, Managing Director, Silver Emporium, Mumbai, informed that despite record-high gold and silver rates, they received positive feedback from customers. “Many returned to the store to purchase gold and silver on this auspicious day. While the ticket size decreased, overall, it exceeded our expectations for a positive day. In value terms, sales remained flat versus last year.”
Abhishek Kajaria, Founder, Avama Jewellers, Kolkata, said that they witnessed a robust demand for both fine jewellery and gold and silver coins this Akshay Tritiya. “Customers have shown a strong inclination towards investing in timeless pieces and precious metals, reflecting their enduring value and significance.” A diverse range of categories sold, including studded jewellery, diamonds, and polki items emerging as top contenders. “Customers have gravitated towards these categories, drawn by their elegance, brilliance, and versatility.”
Sachin Kothari of Augmont Gold For All noted that Gen Z and the young generation prefer buying digital gold, “With Augmont Digital Gold, investors are buying 24-karat gold anytime, 24 x 7 with as low as Re 1 without any storage and security charge. Also, the middle-class section, who do not have demat accounts invested in digital gold with their small savings on this auspicious day. As awareness is gradually rising about digital gold, we expect 30-40% higher sales than the previous year.”
Diamond Demand
Amit Pratihari, Vice President, De Beers Forevermark, said that the diamond jewellery demand saw an uptick during the festival. Partihari commented, “We observed a significant increase in customer visits. Our partner retailers are also reporting a positive outcome. Whether it’s preparations for upcoming weddings or selecting gifts for special occasions, there is a noticeable surge and interest in diamond jewellery. We are also seeing a demand for everyday jewellery known for its minimalist design, lightweight and ethical sourcing. Furthermore, there’s a notable trend towards purchasing items that carry intrinsic value, making natural diamonds particularly desirable.”
Gadgil also affirmed that while demand for heavy jewellery, bullion and coins remained strong: “Diamond jewellery is surprisingly doing very well too! Overall, this year’s Akshaya Tritiya sales will be in line with industry expectations.”
Cherry Sahni, Co-Founder & Creative Head, Diamondtree, Noida, Gurugram, said that customers gravitated towards lightweight, everyday diamond jewellery. From elegant earrings to versatile pendants and rings, simplicity has been in vogue. “We, at Diamondtree, offer pieces that are under Rs. 1 lakh, and completely in line with this trend.”
Concurring with the statement about the rise in daily wear diamond jewellery, Sushma Chhajer, Founder, Shruti Sushma, Bengaluru, reaffirmed, “While wedding jewellery remains timeless, it’s the delicate pieces that are stealing the spotlight. Surprisingly, the Rs. 2 lakh to Rs. 4 lakh price range is where significant sales are occurring, showcasing a willingness to invest in quality pieces. Consumers aren’t entirely shifting from gold jewellery to natural diamonds, but there’s a steady appreciation for both. Our diverse collection resonates well with customers, catering to every style and budget.”
Kunal Talla, Director, Fortofino, Jammu, “We’ve observed a unique trend leading up to Akshaya Tritiya. While we saw moderate sales during the first week of May, it’s evident that consumers are patiently awaiting auspicious days for their purchases. However, consistent enquiries for cocktail party sets within the Rs.1.5 to Rs.2 lakh range reassured us of the impending surge in sales. Additionally, we’ve witnessed a subtle yet notable shift, with the younger generation influencing a move towards natural diamond jewellery, particularly light, daily wear pieces. This evolving preference underscores our commitment to offering versatile and timeless collections that appeal to every generation.”
Dr. Pratap Madhukar Kamath, Managing Director, Abaran Timeless Jewellery, Bengaluru, commented, “At Abaran Jewellers, we take pride in our diverse collection, catering to various preferences and budgets. Notably, our pieces priced between Rs.1 lakh and Rs.3 lakhs have been exceptionally well-received this season, striking the perfect balance of elegance and affordability. We’ve noticed a significant uptick in demand for everyday wear natural diamond jewellery and lightweight gold jewellery, including bracelets, earrings, rings, and pendants. With robust sales and increased foot traffic post Karnataka’s elections, we’re poised for a successful season ahead.”
Ishu Datwani, Owner, Anmol Jewellers, Mumbai, observes that traditionally, gold jewellery tends to be the most sought-after category during Akshaya Tritiya due to its cultural and auspicious significance. “However, we have witnessed a noticeable increase in interest towards diamond jewellery as well, especially among younger audiences seeking modern and versatile options,” he notes, adding, “Price ranges that typically see high demand include mid-range to premium segments, where consumers seek quality craftsmanship and design at competitive prices.
“Since we also are celebrating our 38th anniversary close to Akshaya Tritiya, we’re thrilled to report a substantial growth of 25% in our sales compared to last year. This remarkable achievement reflects our dedication and strategic efforts in meeting customer needs and expanding our market presence,” stated Datwani.
Amit Naheta, Managing Director, Jaipur Jewels, said, “For us, jewellery set with diamonds and gemstones sold the most. Earrings costing Rs. 2.5 lakhs were popular, while we also witnessed commencement of buying trousseau sets averaging Rs. 7.5 lakhs. With gold prices soaring, it led many investment-minded customers to opt for gold coins, while the allure of diamonds shone brighter than ever, prompting people to choose diamond jewellery over plain gold jewellery.”
Broad gold bangle encrusted with polkis. By Jaipur Jewels
Bharti Bangur, Proprietor-Designer, Crisanto Jewels, Kolkata, observed that there always a demand for jewellery and fine jewellery is top-of-the-line investment option for most women. So, the priority has shifted from hoarding gold coins/ silver coins to something they can wear often and get maximum returns on their investment. Everyday pieces to elevate any outfit, statement pieces for the evening out, for parties, and for travel too! The modern woman wants it all!”
Bangur declared diamond-studded layered pendants, stackable bracelets, and rings, or even simple polki designs sold well. “There is a huge demand of silver jewellery also since gold is more expensive, especially for travelling purposes.”
So, in matters of popularity between gold versus diamond jewellery, Datwani aptly concludes: “There is indeed a growing trend of consumers showing interest in diamond jewellery alongside traditional gold jewellery. This shift can be attributed to evolving fashion trends, increased marketing efforts by many jewellers promoting diamond jewellery as symbols of luxury and elegance, and the desire for more diverse and contemporary adornments. However, gold remains deeply ingrained in cultural and religious traditions, ensuring its continued popularity.”