Akshaya Tritiya is among one of the biggest jewellery buying festivals in India, be it gold or diamond. It is believed that whatever is purchased on this day stays with us forever and on such occasions, window shoppers are very few and most of the customers walk in to buy. While experts see muted demand for gold this season, they expect demand for diamond to rise by 20-30 percent because of a recovery in discretionary spending among customers.
"We are expecting good traction in high value diamond studded and wedding jewellery. We are also witnessing a paradigm shift in buying behavior among consumers and the demand for quality diamonds has already been very strong in the run-up to Akshaya Tritiya," said Eshwar Surana, Managing Director at Raj Diamonds.
With changing times, we have witnessed different trends in the jewellery industry. Be it the special occasions like weddings or auspicious days like ‘Akshaya Tritiya’ etc, jewellery makes it a complete affair.
Surana added that they are increasingly seeing preference for larger diamonds with an excellent cut grade that are masterfully crafted and precisely cut to create maximum sparkle and brilliance.
"Just like every year, we are hopeful and positive that the coming season will be fruitful for the industry, setting new milestones. Overall, we are estimating that there will be a 20-25 percent growth in value terms over last year and will surpass our sales expectations," he said.
Echoing similar views, Amit Pratihari, Vice President at De Beers Forevermark said that they are expecting the momentum to continue for diamond this year as well particularly in South India where Akshaya Tritiya is a major festivity.
"Also with the positive shift in consumer buying patterns towards the purchase of items that hold meaning and value, natural diamonds continue to be sought after due to their inherent preciousness. We are expecting around 25-30 percent growth this Akshaya Tritiya. Overall, we are upbeat that the strong demand for this festivity will add sparkle to the jewelry retail sales for the rest of the year," he said.
