The All India Gems and Jewellery Trade Federation (GJF) expects robust sales this Akshaya Tritiya (April 28) across India.
Consumer demand is expected to be strong due to the wedding season and traditional custom to buy gold on the occasion of Akshaya Tritiya.
Chairman, GJF, Nitin Khandelwal said, “As a custom and tradition in India, people buy jewellery on Akshaya Tritiya and have great faith on this auspicious day. We expect a growth to be robust 20-30 per cent over last year due to demand considering wedding season. However, the gold rates are likely to be expected to be stronger going forward considering the present situation and scenarios, which may be the main factor for business growth. Many jewellers have undertaken aggressive promotional campaigns and lucrative offers to stimulate demand and customer queries/ walk-ins have increased. Overall, we are quite positive about increased demand culminating in higher sales, due to the ongoing wedding season as well. Akshaya Tritiya 2017 will herald a boom for the jewellery sector.”
Khandelwal further added, “This is the first auspicious day to buy gold after the demonetization initiative. Jewellery industry will be looking forward for a robust sales this Akshaya Tritiya. Also Jewellers will be looking forward for maximum jewellery sales for this day as it will be before GST. We expect summer season to be followed by a good monsoon which will also help in sustaining good sales during the year.”