Chennai: With gold prices up 32% from the last Akshaya Tritiya, Wednesday’s purchase of the Golden Festival will drop sales by 10%. This Akshaya Tritiya is also heating up to 18 carats of gold for buyers.
“Jewelers receive bookings that are likely to drop at least 10% this year’s gold sales. However, in terms of sales value, it will still be 20% higher than last year,” said Saiyam Mehra, vice president of GJC.
Buyers are also heating 18 carat gold jewelry, which has recently exceeded Rs 1 lakh per 10 grams. “This Akshaya Tritiya, buyers who want to buy gold in auspicious moments are ready to compromise fifty seats,” Mehra said.
In states such as Bihar, Uttar Pradesh and Haryana, there is a greater demand for 18 carat gold. North Indian cities such as Lucknow, Patner, and even smaller cities and towns have begun selling 18 carats of gold.
“The price of the same weight jewelry will be 18% cheaper at 18 carats, which makes it a favorite among buyers who don’t care about vans. However, South India is not eager to buy 18 carats of gold. Currently, the 18 carats account accounts for 8-9% of the gold jewelry in India, but it has been sold in India for 3 to 4 years.
This cargo is largely the first choice for diamond or gem-set jewelry. Ordinary gold jewelry of 18 carats can also be used. Several jewelers have started storing 18 carats of jewelry, and 22 carats have become expensive for buyers. These are mostly purchased by buyers, including millennials, who want to buy gold for decorative purposes. However, investors prefer gold coins, while those who buy bridal jewelry still prefer 22 carat gold jewelry.
Prithviraj Kothari said: “The high price has changed consumer behavior, and buyers have chosen weight-weight jewelry and coins over heavy jewelry. Jewelry is responding to the high price by announcing new collections, bringing alleged discounts and promoting discounts for silver jewelry.”
