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E-Tailers See Gold, Diamonds Boosting Sales On Akshaya Tritiya

Monday, May 09, 2016
By A Business Reporter

Online retailers including Amazon and Bluestone are betting big on gold and diamond sales and expect a big boost to their business on 'Akshaya Tritiya', considered as auspicious day for buying precious metals. "Compared to last year, we see over six times growth in sales in our Akshaya Tritiya offerings. In terms of traffic, we have grown over 100 per cent compared to last year," Amazon Fashion Category Leader Mayank Shivam told PTI here.

The demand is likely to be more for 22 carat jewellery -- especially plain gold chains and necklaces, he said. "This is apart from the gold bullion sale, which is obviously top selling at this time," he added. Echoing similar view, online jeweller Bluestone.Com COO Arvind Singhai said that business is growing since last two years, and the company expects the sales to jump by six times during Akshaya Tritiya this year as compared to last year.

"This year during the festival we are expecting the demand for gold coins, diamond pendants and earrings," he added. He also said that he sees no slowdown in demand despite volatility in gold price as the festival of Akshaya Tritiya is considered auspicious for buying precious metals. However, he said high prices may affect the volumes but the value will grow.

Caratlane.Com Vice President Vipin Nair said, "We are expecting a really good turnout this year. Besides gold, we see a lot of movement in diamond jewellery as well." Akshaya Tritiya is falling today.

GJF Expects 10-15% Growth In Jewellery Sales
The All India Gems and Jewellery Trade Federation (GJF) expects good growth in sales on Akshaya Tritiya (May 9) across India. Consumer demand is expected to be strong due to the ongoing wedding season.

G V Sreedhar, Chairman, GJF, said, “Traditionally, Indians buy jewellery on Akshaya Tritiya and have great faith on this auspicious day. We expect a growth of 10-15% over last year due to pent up demand that was unfulfilled due to non-availability of products in previous months. Gold rates are expected to be much stronger in future days considering the present situation and scenarios, which may be the main factor for business growth. Many jewellers have undertaken aggressive promotional campaigns and lucrative offers to stimulate demand and customer queries/ walk-ins have increased. Overall, we are quite positive about increased demand culminating in higher sales, due to the ongoing wedding season as well. Akshaya Tritiya 2016 will herald a boom for the jewellery sector.”

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