Akshaya Tritiya likely to keep its shine under gold's costly glare

Jewellery retailers expect strong Akshaya Tritiya demand despite high gold prices, supported by festive sentiment, wedding season demand and growing interest in diamond jewellery

Demand for gold jewellery and coins has been steadily rising ahead of Akshaya Tritiya, which falls on Sunday.

 

For jewellery retailers, sales are already showing positive momentum despite elevated gold prices. This follows a recent correction after a sharp rise during the West Asia war.

 

“We anticipate strong double-digit growth this Akshaya Tritiya, driven by positive festive sentiment and a rise in planned purchases, further supported by our Treasure Chest programme,” said Saumen Bhaumik, managing director (MD) at CaratLane, adding that the brand is seeing a barbell trend. While a large segment is opting for lighter, more accessible pieces, another big chunk of high spenders is investing in high-value jewellery such as solitaire sets. 

The festival falling over a weekend is also expected to support sales. 

“We are expecting considerable traction this Akshaya Tritiya, particularly because the festival spans Sunday and Monday and coincides with the commencement of the wedding season. We have registered a huge volume of pre-bookings and daily enquiries at our showrooms and expect a strong uptick across both high-value bridal jewellery and traditional shagun purchases,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. 

The chain’s tie-up with quick-commerce (qcom) platforms has also lifted sales of gold coins ahead of the festival. “Gold coins remain a perennial favourite for shagun, and their popularity is being further driven by the convenience of marketplaces and qcom platforms like Swiggy Instamart for last-minute purchases,” Kalyanaraman added.

 

Retail spaces are also witnessing robust footfall in the run-up to the occasion.

 

“For organised retail destinations like ours, the festival consistently translates into a strong surge in footfall, with jewellery emerging as one of the most sought-after categories. This year, despite elevated gold prices, consumer intent remains strong. We have curated dedicated jewellery zones across our key malls to enhance the shopping experience,” said Jayen Naik, president, operations at Nexus Select Malls.

 

While the festival is traditionally associated with buying gold, it is expanding into a broader jewellery-buying occasion, including studded diamond pieces.

 

“Akshaya Tritiya has traditionally been a gold-led occasion; however, it is increasingly evolving into a broader jewellery-buying moment. Younger consumers, particularly GenZ and millennials, who contribute nearly 86 per cent of the market, are expected to play a key role in driving this demand,” said Toranj Mehta, vice-president, marketing at De Beers.

 

At Kalyan Jewellers, too, gemstone and diamond-studded jewellery is seeing strong uptake. “Consumers are showing a clear preference for lightweight gold, diamond, and platinum jewellery for daily wear, with strong interest across categories. We are also seeing early traction from wedding buyers, and men’s jewellery is gaining encouraging momentum. Overall, we are seeing growth of 15–20 per cent compared to the same period last year,” said Suvankar Sen, MD and chief executive officer, Senco Gold.

 

While demand remains positive, chains are further stimulating retail sentiment with discounts.

 

At CaratLane, a festive offer includes up to 50 per cent off on making charges, along with an additional flat 15 per cent discount on diamond prices across all designs. At Kalyan Jewellers, making charges are also discounted by up to 50 per cent.

 

“Through our ‘Bada Shagun, Bade Offers’ campaign, customers can avail of benefits such as up to 35 per cent off on making charges and diamond value. Our Double Gold Rate Protection scheme offers peace of mind by allowing consumers to pay 25 per cent in advance and lock in the lower of two gold rates between the booking date and the final purchase date,” said Sandeep Kohli, CEO, Indriya.