Sales of lightweight gold jewellery increased during Akshaya Tritiya this year as consumers reduced their expenditure as a result of the high price of the precious metal. At over ₹60,000 per 10 grams (24K), the price of gold is currently about 18% higher than it was during Akshaya Tritiya last year.
The gold demand on Akshaya Tritiya was considerably greater last year due to the washed-out pandemic years and was in line with the long-term average Akshaya Tritiya gold demand.
"Jewellery sales are estimated to have increased by over 40% in terms of the number of pieces this year. We saw a great demand for lightweight jewellery as consumers preferred to celebrate Akshaya Tritiya without having too much of a burden on their pockets. High prices this season could not affect overall demand sentiment this year,” said Mr Saiyam Mehra, Chairman of All India Gem and Jewellery Domestic Council.
Gold prices have been higher for the past two months, and consumers have been waiting for a decline in prices to buy gold.