Gold prices soften ahead of Akshaya Tritiya, boosting jewellers' expectations

economictimes.indiatimes.com:

Jewellers are expecting Akshaya Tritiya sales to pick up as the prices of gold have softened a bit from Rs 73,000 per 10 gm level and are currently hovering around Rs 71,650 per 10 gm. Demand for everyday wear diamond jewellery as well as solitaires is also set to pick up, the trade expects.

Akshaya Tritiya falls on May 10 this year.

Amit Pratihari, Vice President, De Beers Forevermark said " With Akshaya Tritiya coinciding with the summer wedding season, we anticipate good demand for jewellery and diamonds are most sought after due to their inherent preciousness. This demand is also influenced by a shift in consumer buying pattern, as individuals are increasingly drawn to purchase items that hold significance and value.

An interesting trend this season is the rising demand for everyday jewellery characterized by its minimalist, lightweight, and ethically sourced nature. There is also a growing demand among consumers for high quality solitaire diamonds."

Colin Shah, managing director of Kama Jewelry said «Domestically, gold prices have increased 13% since the last Akshaya Tritiya, leaving a trail of bullish growth patterns in terms of both price and demand.

We will see the momentum inflate twofold during Akshaya Tritiya and this uptick in trend will be driven by the sentimental value attached towards the yellow metal along with one of the most auspicious moments to invest in safe-haven like gold. Having said that, there is a behavioural shift observed among the young buyers who are investing largely in gold for adornment purposes and this trend too, has developed a robust market share of its own.