Akshaya Tritiya Brings 30% Rise in Footfalls for Jewellers

CHENNAI: Touted as the auspicious day to purchase gold, Akshaya Tritiya this year brought 30% higher footfall. Jewellers added that low prices and improved sentiment among people are propelling sales compared to a tepid response last year. Gold price has declined from Rs 3,100 this January to Rs 2,992 (per gm). “There have been pre-bookings too. So, customers are making their purchase without any hassles,” said Jayantilal Challani, MD, Challani Jewellers.

The auspicious day last year saw a tepid response from customers at the back of corruption and shutting down of jewellery chains. This year, however, consumers have regained confidence in the industry.”Last year, I had just made a token purchase on a coin and earrings, fearing which shop would fold next. Today, I have purchased double last year’s quantity,” said Subashini S. Jewellery chains expect to witness footfalls till midnight on Tuesday.

Large chains also saw a double-digit growth and a 15% increase in ticket sizes. They added that this trend is promising despite the ongoing Lok Sabha elections. Sandeep Kulhalli, senior VP – retail & marketing, Tanishq, said “On this Akshaya Tritiya, we are seeing a healthy double-digit growth as compared to last year.””In metros, we are seeing an increase in the number of young first-time buyers making token purchases,” added TS Kalyanaraman, CMD, Kalyan Jewellers.

Even as shops witnessed increased footfall, digital gold – which entails purchasing gold from smartphone and other online platforms – was also seeing a jump. Augmont, a precious metal management company, saw a 5x rise compared to regular buying pattern. Industry analysts added even at a nascent stage, purchase of digital gold has seen a jump.