Recently India celebrated the Akshay Tritiya a major gold buying festival! This year the festival arrived on the backdrop of jewellers strike! Mr Somasundaram PR, Managing Director, India, World Gold Council observed, “The buying behaviour of consumers is returning to normalcy following the jewellers resuming business after a month long protest on the excise duty.”
He says, “Indians mark Akshaya Tritiya as an occasion to purchase gold and the initial feedback from the trade is an increase in demand, where both wedding jewellery as well as investment products, like coins and bars, have done well. We believe consumer sentiment towards gold as a savings instrument remains positive and the long term fundamentals of the gold market remain intact.
While Sachin Jain, President Forevermark India says, “Diamonds and Akshay Thrithya have a lot in common. Just like Akshay Thrithya, Diamonds too have been associated with auspiciousness, and have been a status of prosperity. Nowadays consumers prefer diamonds which can be carried with all types of outfits and look more contemporary. Keeping the trend in mind, we have introduced Capricci the nose pin collection for today’s modern woman.”
“We have witnessed a drastic change/shift in the consumer buying pattern and the customer sentiments are quite positive” Sachin adds. Both big brand-n-player players focused on buyer behaviour. In the row retailers sentiments are direct with the festival & buyer!
Lala Jugal Kishore Jewellers who is glorifying the Awadhi culture since 1857, Tanya Rastogi- the eleventh generation is catering buyer says, “ the increased rate of gold has worked in favour of the metal and the industry, as the consumer is reminded that gold is still an investor friendly metal.”
“Post the strike, the industry is looking forward to Akshay Tritiya as it needs to slap out of the after effects of the strike. There is a lot of promotion and buzz around offers and collection launches around this day. On the other hand, the consumer is expected to make small purchases this year due to the high price but a good footfall and sales are expected” Tanya expressed & pre estimate buyer attitude for the day.
Equally, WHP Jewellers -Maharashtra based jewellery brand with a more than 100 years legacy boasts 21 stores in Maharashtra, Goa and Indore has own experience for buyer. Aditya Pethe, Partner said, “We are anticipating a good demand this Akshay Tritya with an expected increase of 30-35% in sales this year.”
“As the gold prices have increased in the last week, we feel it will reinstate the consumer’s faith into the category. Gold Earrings, Necklaces and Bangles in light weight contemporary settings will continue to be the bestsellers,’ had anticipated Aditya.
Manubhai Jewellers, a legacy more than six decades old and are one of the leading retailers for gold, jadau and kundan and diamond jewellery in Mumbai is a family jeweller with its essence deep rooted in tradition, family values and relations; Manubhai Jewellers believes in creating quality jewellery and building relationships with clients.
The brand has been evolving with the changing needs of modern Indian woman while staying true to its traditional roots. With hallmarked jewellery and IGI certification, the brand ensures that customers receive the best quality and service consistently. Looking at the Tritiya Mr Samir Sagar, Director, Manubhai Jewellers also remained optimistic like other retailer & had said, “We are hoping for a good gold run this year on Akshaya Tritiya. Since it follows a weekend we are expecting the festive spirit to continue right upto Monday and are hoping for a 10 -15% rise in footfalls!”
Yet the point is how the sales on Akshay Tritiya was! Major jewellers have observed silence! At the juncture Mr Ishu Datwani - Founder Anmol Jewellers expresses, “Even before the Akshaya Tritiya sale ends, we are looking at least 30% plus growth in sales. One peculiarity we noticed in the consumer buying pattern this year is that nobody was really asking for coins. Coins & bullions contributed to only 5% of the sales & 95% of the total sales was from jewellery.