Experts said gold demand has not declined in the last three years despite the yellow metal reaching new peaks. India imports 700-800 tonnes of gold annually.
Mumbai: Buying gold on Akshaya Tritiya is a tradition followed in several parts of India as it is believed that purchasing the precious metal on this would bring prosperity. Gold prices traded between Rs 99,500 and Rs 99,900 per 10 grams across different parts of the country, 37.6 per cent higher than Rs 72,300 on Akshaya Tritiya in 2024. However, the skyrocketing prices of the yellow metal didn’t seem to be a deterrent for buyers as India witnessed an estimated sale of gold jewellery and related items worth approximately Rs 12,000 crore this Akshaya Tritiya, the Confederation of All India Traders (CAIT) said.
PNG Jewellers Chairman and Managing Director Saurabh Gadgil said consumer sentiment remains upbeat despite record-high gold prices, with steady interest in gold, diamond and silver jewellery.
Consumers who had hesitated to buy gold at elevated prices are now purchasing as prices have stabilized from peak levels, All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokede told PTI.
Nearly 50 per cent of purchases are being financed through old gold exchanges, allowing customers to manage budgets without compromising on festive or wedding needs, Gadgil added.
“While volume growth may see a marginal dip of 8-9 per cent value-wise, we expect to be up by 20-25 per cent, which is a healthy sign of market resilience,” Gadgil said.
GSI India Managing Director Ramit Kapur noted an uptick in studded jewellery across key Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year’s festival.
All India Jewellers and Goldsmith Federation President Pankaj Arora projected sales of about 12 tonnes of gold worth nearly Rs 12,000 crore and about 400 tonnes of silver worth Rs 4,000 crore, totalling an estimated Rs 16,000 crore in business.
Experts said gold demand has not declined in the last three years despite the yellow metal reaching new peaks. India imports 700-800 tonnes of gold annually.
