Footfall in jewellery stores rises 30 percent this Akshaya Tritiya

By

Isabelle Crossley

Published
May 8, 2019

Jewellery stores have seen increased customer footfalls and sales this Akshaya Tritiya festival as gold prices remain low and shoppers have renewed faith in the industry.

This year’s Akshaya Tritiya brought a 30 percent increase in footfall in jewellery stores and online purchases were also up, TNN reported. Despite the festival falling on a weekday, sales were also up on last year, thanks in part to a large number of pre-orders.

Moneycontrol reported that many jewellers saw sales increase by 25 percent compared to the day of the festival last year. The business publication also reported that gold was selling at around seven percent lower than the same time last year at a retail price Rs 32,000 per 10 grams. The cheaper price of gold, coupled with the ongoing wedding season, was cited as a major reason why sales increased, reported the Press Trust of India. 

The precious metal management company Augmont reported to TNN that it had witnessed a fivefold rise in digital fine jewellery purchases for the festival compared to regular buying figures. This trend is in line with the wider organisation and digitalisation of India’s jewellery industry. 

Another reason for an increase in gold purchases is that, this time last year, many jewellers were under the microscope in the wake of the Punjab National Bank fraud allegedly involving jewellery brands Nirav Modi and Gitanjali Gems. Although the case is still ongoing, consumer trust in the industry appears to have returned.