On Akshaya Tritiya 2022, jewelry sales worth Rs 15,000 crore were recorded.
On the occasion of Akshaya Tritiya, the jewelry sector finally experienced a pre-pandemic bustle after a two-year downturn. According to the Confederation of All India Traders, a jewelry business worth Rs 15,000 crore was registered today on Akshay Tritiya, the largest jewelry business since the Covid-induced lockdown (CAIT).
"The bullion market across the country was finally full of people on Akshaya Tritiya, bringing huge smiles to the traders' faces after witnessing a great slump due to the covid crisis for the last two years. It was estimated that the jewelry business worth Rs 15,000 crore happened today, bringing huge smiles to the traders' faces. In order to entice buyers on Akshaya Tritiya, jewelers created light jewelry that sold well and was in high demand."Praveen Khandelwal and Pankaj Arora, national secretary-general of CAIT and national president of the "All India Jewelers and Goldsmith Federation," respectively.
GOLD AND SILVER ARE IN HIGH DEMAND.
Both Khandelwal and Pankaj Arora stated that gold and silver were in high demand across the country after a two-year hiatus. Bullion shops across the country have been unable to do any meaningful business on Akshaya Tritiya for the past two years.
In India, Akshaya Tritiya is regarded as a very fortunate day, which is why gold and silver enterprises prosper on this day.
During Akshaya Tritiya three years ago, the price of gold was Rs 32,700 per 10 grams and the rate of silver was Rs 38,350 per kg, according to Khandelwal and Arora. At the same time, gold is expected to be around $2,000 this year.
According to CAIT National President BC Bhartia, 39.3 tonnes of gold were imported into India in the first quarter of 2021 in the form of gold bars and coins, while 41.3 tonnes were imported in the first quarter of 2022.
The import of gold jewelry was 126.5 tonnes in the first quarter of 2021, but only 94.2 tonnes in the first quarter of 2022, indicating that individuals are increasingly investing in gold bars and coins.
GET A HEAD START ON SALES
According to Khandelwal and Arora, gold worth Rs 10,000 crore was sold across the country on Akshaya tritiya in 2019. However, in 2020, because of the Akshaya Tritiya lockdown in May.
The business during the Akshaya Tritiya festival during the lockdown for two consecutive years suffered a massive drop, shattering the backbone of the country's jewellery industry. However, the country's bullion trade has recovered from the corona epidemic this year, and customers in gold markets across the country are showing a lot of enthusiasm. People from all across the country flocked to the jewellery market today in big numbers to reserve jewellery that will be delivered in the following two to three days.