After two years of a covid slump, the jewellery market finally witnessed pre-pademic buzz on the occasion of Akshaya Tritiya. A jewelry business worth Rs 15,000 crore was recorded today on Akshay Tritiya, the biggest jewellery business since the Covid-induced lockdown, according to the Confederation of All India Traders (CAIT).
“After witnessing a great slump due to covid crisis for the last two years, the bullion market across the country was finally full of people and it was estimated that on Akshaya Tritiya,the jewelry business worth Rs 15,000 crore, happened today, bringing huge smiles on the faces of the traders.In their effort to woo the customers on Akshaya Tritiya, the jewelers made light jewelry which did good sale and was very much in demand,” said national Secretary General of CAIT Praveen Khandelwal and Pankaj Arora, and national President of “All India Jewelers and Goldsmith Federation’.
HUGE DEMAND FOR GOLD, SILVER
Both Khandelwal and Pankaj Arora said that after a long gap of two years, gold and silver were in huge demand across the country. In the past two years, the bullion shops across the country were not able to do any significant business on Akshaya Tritiya.
Akshaya Tritiya is considered to be a very auspicious day in India and that is why this day is fruitful for gold and silver businesses.
Khandelwal and Arora said that three years ago, in 2019, the price of gold was Rs 32,700 per 10 grams and the rate of silver was Rs 38,350 per kg during Akshaya Tritiya. At the same time, this year, gold is estimated to be around Rs 53,000 per 10 grams and silver around Rs 66,600 per kg.
CAIT National President BC Bhartia informed that in the first quarter of 2021, 39.3 tonnes of gold were imported into India in the form of gold bars and coins, whereas in the first quarter of 2022, the quantity increased to 41.3 tonnes.
The import of gold jewellery in the first quarter of 2021 was 126.5 tonnes which remained only 94.2 tonnes in the first quarter of 2022, which shows the increasing trend of people investing in the form of gold bars and coins.
JUMP IN SALES
Khandelwal and Arora also said that in 2019, gold worth Rs 10,000 crore was sold across the country on Akshaya tritiya. But, in 2020, due to the lockdown in the month of May on Akshaya Tritiya, the sale of gold was only 5 per cent, i.e. around Rs 500 crore.
The business during the Akshaya Tritiya festival during the lockdown for two consecutive years faced a massive fall which broke the backbone of the jewelry business of the country, but now in the current year, the bullion trade of the country has recovered from the corona epidemic and today a lot of enthusiasm was seen among the customers in the gold markets across the country. Today, in large numbers, people across the country thronged the jewellery market and booked the jewelry which will be delivered in the next two-three days.