With Akshay Tritiya around the corner, hope flies high amongst jewellery retailers

April 22 is expected to be a red-letter day for the Indian jewellery industry, and despite the surge in gold prices, retailers say they are ready to go the extra mile

There’s an air of excitement in the air and Saumitra Saraf, Partner, Aisshpra Gems and Jewels, feels it already. In two weeks, Akshay Tritiya, one of the biggest days for the jewellery industry in India, will arrive. It is believed to be an auspicious day for starting new ventures, buying gold and investing in property. Despite gold prices shooting up, the sentiment is positive, and jewellers still agree that there is no better time to launch their new collections and give their customers an enthralling experience of jewellery purchase. Most jewellers we spoke to expect a large number of walk-ins on Akshay Tritiya, which falls on Saturday, April 22, 2023. A pent-up demand for jewellery and a recovery in discretionary spending among customers too is upping the excitement level for retailers.

Several jewellers, including Saraf, have come up with exciting offers this year. Aisshpra Gems and Jewels is inviting customers who purchase Rs 25,000 worth of jewellery to enter a lucky draw competition to win exciting prizes which include a Nexa Ciaz car, and seven Hero Splendor motorcycles. Additionally, on every purchase of 20gms of gold jewellery, the brand is gifting a pure silver coin weighing 10gm.

“Everyone dreams of having a car. So instead of offering a washing machine or an air-conditioner, this Akshay Tritiya, we wanted to offer a chance to fulfill the lifelong dream of one of our customers, that is, to own a luxury car,” says Saraf.

Alongside many other exciting offers, several brands are planning to launch their new collections during this special occasion.

Mahabir Danwar Jewellers

“Since the price of gold is at an all-time high right now, we have focused on making the jewellery lightweight for our latest collection. We are also giving discounts on the making charges of jewellery, and providing gifts, as per the ticket size,” says Vijay Kumar Soni, Director of Mahabir Danwar Jewellers, Kolkata.

Sham Jewellers

“Year after year, we make sure to celebrate the special days in our industry with full gusto. This Akshay Tritiya, we shall return with amazing offers, discounts and exciting gifts,” says Arshdeep Sham, CEO of Sham Jewellers, Chandigarh.

Avama Jewellers

“The organised jewellery retailers are expected to witness 23-25% revenue growth this financial year because of a pent-up demand for jewellery and a recovery in discretionary spending. This Akshay Tritiya, we have brought exciting new collections on gold, diamond and Polki jewellery. Big offers such as zero-making charges on gold coins, and upto 50%discount on the making charges of gold, diamond and Polki jewellery is also being given,” says Abhishek Kajaria, Founder and Owner, Avama Jewellers, Kolkata.

Indian Gem and Jewellery Creation

“Just like every year, we are hopeful and positive that the coming season is going to be good. We are working closely with the designers for the new collection; Eid and Akshaya Tritiya both are coming up, and the wedding season is also approaching. In terms of offers, we are running a mega offer of 50% off on the making charges of gold jewellery, and 10% flat discount on diamond and platinum jewellery. We

conduct some in-store activities to pull in new crowds such as influencers, or calling over a celebrity for the launch of a new collection,” says Pratik Dugar, Director of Indian Gem and Jewellery Creation, Kolkata.

MARKET SENTIMENT POSITIVE

Recently, consumers have felt that the gold rate was at an all-time high, but they patiently waited for the rates to stabilize. Jewellers are hopeful that consumers will purchase gold to celebrate Akshay Tritiya. “There are more auspicious days and weddings from the month of April to June. I am expecting an uptick in sales and in the overall demand of gold jewellery this year, since in the last financial year we have seen some good buying days, but some challenging days as well, due to price volatility,” says Saket Keshri, Director, Ratnalaya Jewellers, Patna.

“We are getting ready with a new range for this Akshay Tritiya. If there is a small correction in the gold price, we can expect a sizable business,” says Badri Kota, Chairman of Kota Jewellers, Coimbatore.

“The gold retail industry has expanded beyond just gold purchases to include other categories such as diamond and Polki jewellery. During occasions like Akshaya Tritiya, customers may also look for unique and personalized jewellery designs that reflect their individual style and taste. In recent years, there has been a growing trend towards customization and personalization, where customers can create their own jewellery designs or modify existing designs to suit their preferences,” says Piyush Gupta, Director, PP Jewellers by Pawan Gupta, Mumbai.

“The market sentiment for the gold retail industry is generally positive during Akshay Tritiya, as it is considered an auspicious day for buying gold. If the economic climate is positive, consumer sentiment is high, and gold prices are stable, it is likely that jewellery sales will perform well during Akshay Tritiya. We will also offer attractive discounts and promotions, which can drive sales during this period,” says Rohan Sharma, Managing Director, RK Jewellers, Mumbai.

Written by Janhavi Ganguly

Courtesy: RJ Exclusive