Gold sales on Akshaya Tritiya are expected to remain steady at 15–20 tonnes this year —almost the same as last year — despite a more than 60% surge in prices, according to industry sources.
Price Corrections
To counter the impact of elevated prices, jewellers reduced making charges and rolled out promotional efforts to attract customers. A recent correction of nearly 10% from the all-time high of around ₹1.7 lakh per 10 grams a month ago has also helped revive demand for gold jewellery and coins.
Rajesh Rokde, Chairman of the All India Gem and Jewellery Council (GJC), said demand was “satisfactory” on the day. “It was very strong in South India since morning,” he noted.
Regional Performance
According to him, demand remained relatively muted in states such as Maharashtra, Madhya Pradesh, Uttar Pradesh, Rajasthan, and Chhattisgarh during the early hours due to ‘pooja muharat’ in the morning and high afternoon temperatures. Footfalls improved significantly after 4 pm, indicating a late pickup in demand.
Rokde added that making charges, which ranged between 13% and 20% during last year’s Akshaya Tritiya depending on design complexity, have been reduced to 7–13% this season to stimulate buying.
Gold prices have risen sharply over the past year, climbing 64% since the last Akshaya Tritiya — the highest ever. Over a two-year period, prices have nearly doubled.
Echoing the positive sentiment, Saurabh Gadgil, CMD of PNG Jewellers, said the alignment of the festival with a Sunday boosted store footfalls. “Demand has been robust across categories, including gold, silver, diamond jewellery, wedding jewellery, as well as silver articles,” he said.
He added that the ongoing wedding season has further supported jewellery purchases. “Based on current momentum, we expect business growth to exceed our initial estimate of 20–25%, and trend above 35% compared to last year,” he said.
According to Metals Focus, a London-based bullion research firm, gold prices in India—which were trading at an average discount of $46 per ounce in the open market in recent weeks—have narrowed to around $8 per ounce following the recent correction.
Domestic gold prices have fallen from a peak of ₹1.7 lakh per 10 grams a month ago to around ₹1.35 lakh earlier this week. The correction has prompted consumers to advance purchases, with many booking gold for delivery on the auspicious day.