Gold drops Rs4,100 from April peak on Akshaya Tritiya, sales mixed amid high prices
Jewellers in Nagpur and across the country reported mixed sales trends on Wednesday. While value-wise business may have seen an uptick due to higher rates, the volume of gold sold — measured in weight — has likely declined.
"Sales are up in value terms, but we expect a 40% drop in volume compared to earlier years," said Pradeep Kothari of M/s Karan Kothari Jewellers. "Customers are buying, but less in quantity."
Nitin Khandelwal, former director of the Gems and Jewellery Council (GJC), said that sales on Akshaya Tritiya in 2024 had already declined compared to 2023 due to price hikes. "Crowds are visible in stores, but the final tally will be clearer the next day," he added.
Rajesh Rokde, president of GJC and a city-based jeweller, said customers have gradually accepted high prices, and overall sales were in line with expectations. "Despite the drop from the April peak, gold is still expensive. Yet, buyers are participating, possibly with adjusted budgets," he said.
In his capacity as the national chairman of the jewellers' guild, Rokde estimated that total sales across India could touch Rs20,000 crore on Wednesday. "According to GJC's estimates, monthly transactions involving up to 1,200 tonnes of gold take place — 800 tonnes through imports and another 400 tonnes received from customers selling old gold."
He further added that the annual average gold turnover is around 3.5 tonnes in terms of physical weight. "On Akshaya Tritiya, the volume typically rises 6 to 7 times, reaching around 20 tonnes in a single day. At current prices, that translates to ₹20,000 crore in value," he explained.
Though the day remained active in many parts of India, a clearer sales picture is expected once the World Gold Council (WGC) releases its data.
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