Major Jewellers See Higher Sales on Akshaya Tritiya

Leading jewellers in the state have registered higher sales on the auspicious day of Akshaya Tritiya, with growth rates ranging from 5% to 25% in Kerala, said the industry body on Tuesday. B Govindan, president, All Kerala Gold and Silver Merchants Association (AKGSMA), and chairman of Bhima Jewellery-Thiruvananthapuram, said that sales were up by 20% in his stores in Kerala. The sales in other states like Tamil Nadu and Karnataka were high compared to Kerala, he said.

M P Ahammed, chairman of Malabar Group, said that sales were up by about 25% compared to the previous year. “The demand was higher for diamond and studded jewellery,” he said.

“The southern markets have performed extremely well with Kerala and Karnataka taking the lead. Outside south, Delhi, Punjab, Rajasthan and MP also have responded well,” said T S Kalyanaraman, chairman and managing director of Kalyan Jewellers.

“Compared to the previous year, we have done better this Akshaya Tritiya, driven by stable prices and positive consumer sentiments. There are many more auspicious wedding dates in 2019 as against the previous year. Families prefer to initiate wedding purchases on the Akshaya Tritiya day, so we have got traction with our wedding line as well. In metros, we are seeing an increase in the number of young first-time buyers making token purchases. In non-metros also, the sentiment continued to be positive,” Kalyanaraman added.

Joy Alukkas, chairman and MD of Joyalukkas Group, said that his stores experienced nearly 10% growth in sales nationwide and up to 4-5% increase in Kerala.

“There is a mixed feeling among the jewellers in major towns of Kerala. Nearly a quarter of them had experienced sales growth, compared to the previous year, but others haven’t. Walk-ins have gone up, but the average quantity bought has come down. We suspect that it could be the Kerala floods that had affected the sales,” said Govindan.

Courtesy: ET Retail.com