High prices did not deter buyers, says All India Gem and Jewellery Domestic Council

MUMBAI, Apr 23 (The CONNECT) -The 2023 Akshaya Tritiya was exceptional for jewellery retailers and consumers. Despite high prices, the enthusiasm seen among gold buyers was unimaginable.

Initial indications point to an increase in overall jewellery sales volume this year. However, 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,” said  Saiyam Mehra, Chairman of All India Gem and Jewellery Domestic Council (GJC). 

High prices this season could not affect overall demand sentiment this year, Mehra said.

Availability of small coins such as one gram gold and savings for the day helped boost the sentiment, market sources said.