The All India Gems and Jewellery Trade Federation (GJF) expects robust sales across India during the festival of Akshaya Tritiya on April 28. The festival is considered auspicious for the buying of gold and is followed by a wedding season — an astrologically auspicious period to get married in.

GJF Chairman Nitin Khandelwal said, “As a custom and tradition in India, people buy jewellery on Akshaya Tritiya and have great faith on this auspicious day. We expect growth to be robust at between 20 and 30 percent over last year due due to pent up demand for the wedding season.”

Khandelwal referred to the expected rise in gold prices going forward this year and said this might be one of the main drivers for sales over Akshaya Tritiya. The GJF chairman added that many jewellers have undertaken aggressive promotional campaigns and have offered lucrative incentives to stimulate demand, and customer queries and walk-ins have increased as a result.

Khandelwal also said that the festival would be the first auspicious gold-buying day after the Indian government’s demonetisation of high-value currency notes late last year. It would also be the last such opportunity to buy gold before the new Goods and Services Tax (GST) regime kicks in.

He added that the expectation of a good monsoon (which would result in higher agricultural output and thus stronger rural consumer demand) was also a factor in the GJF’s optimistic outlook.

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