Akshaya Tritiya buyers see the bright side; Q-comm coin deliveries see a hit
Lightweight jewellery, along with gold and silver coins, accounted for the bulk of the demand on Akshaya Tritiya this year, according to industry executives, as gold prices hovered about 20% higher year-on-year for the day that is considered auspicious to buy gold.
Market leader Tanishq said it expects up to 20% year-on-year increase in Akshaya Tritiya sales value, driven primarily by lightweight jewellery priced between ₹50,000 and ₹1 lakh, similar to other jewellers such as Joyalukkas, Senco Gold & Diamonds and Malabar Gold & Diamonds.
Quick commerce platforms such as Blinkit, Zepto and Swiggy Instamart also cashed in on the opportunity, delivering gold and silver coins within 10 minutes. Most of them claimed demand was surging but declined to mention absolute or growth figures.
Gold was trading at ₹72,633 per 10 gm on Akshaya Tritiya, which fell on May 10 this year, up from ₹60,600 on April 22 last year. Silver prices were up 26% during this period to ₹84,225 per kg on Friday.
«We have come up with 10,000 designs of lightweight jewellery and are expecting sales to increase up to 20% (compared to last year's Akshaya Tritiya),» said Ajoy Chawla, chief executive of Tanishq. «The summer heat, (ongoing) elections and high gold prices have dampened the mood to some extent, but the market has pent-up demand. Akshaya Tritiya sales will continue on Saturday and Sunday as well. We are also witnessing sales of low denomination gold coins.»
The Tata company also offered incentives such as collection of payments from
