Gold, Platinum, Diamond Set to Grow in High Double Digits This Akshaya Tritiya

Today is the D-day for Indian jewellery industry. Akshay Tritiya, being the most sought-after pan-India occasion for prosperity, is looking set for a brighter day. The Retail Jeweller speaks to key magnets of jewellery industry to take stock of the exciting situation.

Ahammed MP, Chairman, Malabar Gold & Diamonds anticipates an optimistic Akshaya Tritiya this year as he feels organised retail players will exert a greater impact on positive consumer sentiment.“Lower prices are expected to be a key trigger in pushing sales on a higher trajectory. There are reports of robust pre-Akshaya Tritiya sales in the markets and the sales momentum is expected to pick pace today. We can expect a sales growth of around 15-20% from last year,” said the Malabar group chief.

Vipin Sharma, Owner, Azva feels gold is back to the game. “Akshay Tritiya has an interesting mix for jewellery sale, with small gold jewellery pieces getting a lot of attention because of their designs. Quality and design intricacy are the two features getting back to form in 2019, so I believe this Akshaya Tritiya will be a stellar year,” said Sharma. Thinking on similar lines, the Malabar Group has floated 50% discount on making charges of gold Jewellery and 20% off on diamond value. “Customers making a 10% advance booking can avail an exciting early bird offer and get jewellery at the booked rate or prevailing rate whichever is lower,” said Ahammed MP.

Platinum is also set for a healthy sale this year, feels Vaishali Banerjee, MD India, Platinum Guild International. “Consumer demand for platinum in Jan – March 2019 has been strong, with the trade reporting sales growth. We are positive that this Akshaya Tritiya platinum should see strong retail sales,” said Banerjee.

Transparency is paramount and genuine players will dominate the market, believes Vikram Merchant, Country Head (Acting), India, Rio Tinto. “This Akshaya Tritiya the emphasis will be on authenticity; be it through BIS Hallmarking, independent gem lab certification and most importantly, secure and transparent chain of custody assurance as demonstrated by Rio Tinto’s Australian Diamond and Diavik Sourced programmes,” said Merchant.

Ethical sourcing accentuates the beauty of diamonds, a prerequisite Forevermark stands by. Sachin Jain, President (India), Forevermark, feels that diamonds being beautiful, rare and responsibly sourced, make it a perfect buy for this auspicious occasion. “Over the last couple of years, we have been charting an upward growth trajectory in the country. As per the current trends, the younger consumers prefer to buy something that has an emotional connect and are hence opting for diamonds,” said Jain, adding that customers for distinctive jewellery with timeless beauty are rooting for the Forevermark ‘Traditional Setting’ collection.

Not only the jewellers but also the veterans from laboratory certification find Akshay Tritiya 2019 promising. “My expectations are high this year. In spite of government regulations and elections influencing the buying sentiment, I’ve noticed a lot of inventory movement in the laboratory. 2019 is a much better year for us and I wish all the very best to the entire supply chain,” said Shirin Bandukwalla, Director, SGL.

Sounding confident of a good consumer turnout, Jim Vimadalal, ALROSA, said, “The Sanskrit word Akshaya means one that never diminishes. May this day of Akshaya Tritiya bring lots of good luck and success for the jewellery industry which never diminishes. Happy Akshaya Tritiya!”