Glitter or Glitch: Akshaya Tritiya's Mixed Market Trends

The Indian jewellery market sees a mixed trend this Akshaya Tritiya due to rising gold and silver prices. Despite a projected business of Rs 16,000 crore, elevated prices have dampened consumer demand. Traders suggest buying BIS certified jewellery to ensure quality amidst fluctuating global economic conditions.

The Indian jewellery market is experiencing mixed trends in gold and silver sales this Akshaya Tritiya, as steep increases in prices dampen consumer enthusiasm. According to the Confederation of All India Traders (CAIT), this year's festival coincides with a sharp rise in gold and silver values, impacting buying behavior.

Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, anticipates business inflow to reach Rs 16,000 crore for the auspicious day, celebrated on April 30. Nevertheless, the heightened prices of gold and silver, now standing at Rs 1 lakh per 10 grams and Rs 1,00,000 per kilogram respectively, have tempered consumer demand.

Global economic instability, coupled with geopolitical tensions, rising oil prices, and a weakening rupee, have fueled this surge in precious metal prices. However, the ongoing wedding season and strategic offers from jewellers are helping maintain some level of market activity. CAIT stresses the importance of purchasing BIS hallmarked jewellery to ensure transparency and quality.

(With inputs from agencies.)