Mumbai: India’s jewellery market is expected to clock an estimated ₹16,000 crore in sales this Akshaya Tritiya, even as soaring gold and silver prices present challenges for both traders and consumers. Traditionally considered one of the most auspicious days for buying precious metals, Akshaya Tritiya is seeing mixed trends this year as economic factors weigh heavily on consumer sentiment.
Uday Thakkar of the Confederation of All India Traders (CAIT) emphasized the cultural significance of the day, saying, “Buying gold on Akshaya Tritiya is believed to bring lasting prosperity. It’s a tradition deeply rooted in Indian households.”
Despite this, gold prices have surged to around ₹1,00,000 per 10 grams—up from ₹73,500 last year—while silver has touched ₹1,00,000 per kilogram, up from ₹86,000 in 2023. The steep rise has prompted a more cautious approach among buyers.
Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, projected gold sales of around 12 tonnes valued at ₹12,000 crore and silver sales of about 400 tonnes worth ₹4,000 crore. “Even though demand has softened due to high prices, essential purchases—especially for weddings—are supporting the market,” he said.
Experts cite several global factors behind the price surge, including geopolitical tensions, rising crude oil prices, a weakening rupee, and growing investor interest in gold as a safe-haven asset.
CAIT National President B.C. Bhartia added that the ongoing wedding season has prevented a complete slump in jewellery sales. “Buying gold and silver remains a cultural must during weddings. Jewellers are also offering deals to attract customers despite the price hike,” he noted.
Traders have advised buyers to purchase only BIS-hallmarked jewellery, demand invoices, and shop with trusted jewellers to ensure quality and transparency.
As one of the biggest gold-buying occasions in India, Akshaya Tritiya continues to reflect a blend of faith and financial prudence—even in the face of record-breaking prices.
