Akshaya Tritiya could glitter more this year, say experts
Colin Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), Surendra Mehta, National Secretary of the India Bullion and Jewellers Association (IBJA) and Chirag Mehra of Quantum Asset Management discussed the demand for gold jewellery this Akshaya Tritiya.
Buying gold on the auspicious occasions like Akshaya Tritiya is a part of the Indian tradition. According to religious beliefs, buying gold on auspicious days will bring them prosperity and good luck. This year, Akshaya Tritiya will be celebrated on May 3. People buy all forms of gold, ranging from coins to jewellery to even digital gold.
Meanwhile, the demand for gold jewellery has increased by 11 percent yearly — 40 percent higher that the 2019-20 fiscal levels according to data from ICRA's 2022-23 estimates.
Colin Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC); Surendra Mehta, National Secretary of the India Bullion and Jewellers Association (IBJA); and Chirag Mehra of Quantum Asset Management discussed the demand for gold jewellery this Akshaya Tritiya.
“Demand has been extremely strong in main markets like America, Gulf, China and most of the western nations. We did see a bull run on gold like never before. Talking of Akshaya Tritiya, in 2019, gold price was between Rs 32,000 and Rs 35,000 per 10 grams. The guestimated business which was done during Akshaya Tritiya in 2019 was Rs 10,000-15,000 crore. Last year it drastically dropped because Akshaya Tritiya didn’t account for much, but this year we are estimating that there will be a 5-10 percent growth in value terms over 2019,” Shah said.
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For the entire discussion, watch the accompanying video
First Published: May 2, 2022 5:23 PM IST
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