After 2 Years, India Goes On Jewellery-Buying Spree On Akshaya Tritiya

New Delhi: The cash registers were once again ringing in the jewellery market on Akshaya Tritiya.

Even before the evening hours of Tuesday, Indian jewellers had done business worth a staggering Rs 15,000 crore, pan India, according to Confederation of All India Traders (CAIT).

Akshaya Tritiya is considered to be auspicious for buying gold and jewellery. The last two years, however, had seen a major slump in sales thanks to the COVID-19 pandemic.

“After witnessing great slump due to COVID crisis for the last two years, the bullion market across the country was finally full of people and it was estimated that on Akshaya Tritiya, jewellery business worth Rs 15,000 crores happened today,” said Praveen Khandelwal, CAIT national secretary general.

After touching a high in March-April, gold prices too have declined by around Rs 5,000 – influencing the surge in sales.

On Akshaya Tritiya in 2019, an estimated Rs 10,000 crore of gold was sold across the country. This time, the volume should be almost double that figure by the end of the day.

According to All India Jewellers and Goldsmith Federation Jewellers national president Pankaj Arora, lightweight jewellery did brisk business on Tuesday.