Kamal Ghorui
MUMBAI: Light-weight jewellery was the flavour this Akshaya Tritiya, as a steep rise in gold prices nudged consumers to strike a balance between their budgets and love for the yellow metal that’s considered auspicious in Indian culture.For context—gold has risen nearly 57% year-on-year since last year’s festival—from around Rs 97,000 per 10 grams to roughly Rs 1,52,000 today while silver has surged 163% from about Rs 97,000 per kilogram to Rs 2,55,000, said Samit Guha, MD & CEO at MMTC-PAMP.At Joyalukkas stores, footfall was steady with consumers shopping for lightweight and daily wear gold jewellery, besides making some bridal purchases, said chairman & MD Joy Alukkas. “Intent-led demand for bridal jewellery is well balanced by traditional shagun purchases such as gold coins and lightweight designs,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. For the brand, markets in the North, West and parts of South India have seen strong demand.Jewellery brands sweetened the deal for consumers to ease their burden on the pockets and ensure enough demand on a day when business tends to be brisk. Malabar Gold & Diamonds, for instance, is offering up to 30% off on making charges of gold along with a similar deal on diamond value while Joyalukkas is allowing customers the option to lock in Sunday’s gold prices.Some brands have also tapped into quick commerce platforms to reach more consumers as instant purchases increasingly find traction with all tribes of shoppers. “Our strategic integration with Swiggy Instamart has been pivotal in ensuring high accessibility for convenienceled and last-minute purchases,” said Kalyanaraman.Consumers are making more deliberate choices—opting for lightweight jewellery, and increasingly moving towards 24 karat gold and 999.9+ purity silver coins and bars, said Guha, describing the shift as rational, not reluctant.As far as investment related demand is concerned, digital gold, gold ETFs and silver ETFs are seeing sustained inflows as both retail and institutional investors recognise precious metals as a meaningful component of a diversified portfolio, said Guha.The Confederation of All India Traders (CAIT) estimates this Akshaya Tritiya to generate business worth over Rs 20,000 crore in gold and silver, higher than last year’s Rs 16,000 crore.“Rather than dampening demand, elevated prices are reshaping buying patterns—pushing consumers towards more calculated and value-driven purchases,” said Praveen Khandelwal, secretary general at CAIT.
