[vc_row][vc_column][vc_column_text]With Akshaya Tritiya around the corner, the jewellers are buoyant about making some strong sales thanks to the jewellery buying sentiment associated with it.[/vc_column_text][vc_single_image image=”3680″ img_size=”full” add_caption=”yes”][vc_column_text]
“Akshaya Tritiya is one of the most important occasions for us after Dhanteras. The consumer trend is good and encouraging, says Akshaya Suvro Chandra from PC Chandra Jeweller, Kolkata. As per his view, over the years the business of this day has grown exponentially. “Every year during the occasion, we get a very decent sale and we have set a target of achieving 10-15% growth during this time,” Chandra adds.
[/vc_column_text][vc_column_text]With the settlement of Goods and Services Tax (GST) and Demonetisation, the market has improved much and picked up the pace which is definitely a good sign for us, says Abhishek Agarwal of Sajavat Jewellers, Bhopal. He is confident of achieving 30% of growth in sales during Akshaya Tritiya.[/vc_column_text][vc_single_image image=”3677″ img_size=”full” add_caption=”yes”][vc_column_text]We approximately sell around 120 kg of gold throughout the year, however, due to the high demand on Akshaya Tritiya day, we are expecting to sell around 2.5 kg of gold, Sagar Shah from Abhaykumar Walchand Shah Saraf, Solapur said.
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Commenting on the new emerging buying trends during the occasion, Pawan Saraf from Kuwar Tikamchand Jewellers Pvt. Ltd. Chandrapur says, “Unlike 4-5 years ago when people used to buy bullion during Akshaya Tritiya, nowadays, people are purchasing more light-weight and delicate gold jewellery.” Saraf credits lifestyle change for this new wave of demand. “Earlier, bullion was bought more for saving purposes; however, in today’s time, people want to buy gold jewellery to wear them for different occasions,” he observes.
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Talking about the buying trends of millennials, Agarwal said that the young generation and the office goers are more interested in light-weight jewellery with a price range of less than Rs 50,000. During Akshaya Tritiya, jewellery accounts for almost 60-70% of the total sales and the contribution of the millennials reach up to as high as 40% to 50%, a positive sign for the future.
Looking beyond Gold
With the change in trends in last few years, it has been seen that Akshaya Tritiya is not limited to gold buying only as retailers are also selling decent amount of diamonds during the occasion.
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Kishan Surana, managing partner of Hyderabad-based Shri Krishna Diamonds opines that the upcoming Akshaya Tritiya will be vibrant and they are looking forward to it. Giving more insights on the latest trends, Surana said that in recent times the buying pattern is more related to the occasions. During the wedding season, women often buy items which go with their sari and look. “Although people associate Akshaya Tritiya with gold, we have observed a shift in the trend in last 4-5 years, where young people are buying more light-weight diamond jewellery,” he said. Adding, however, that on Akshaya Tritiya people tend to buy heavy-weight also.
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Shreyansh Kapoor, Vice President and Partner, Kashi Jewellers, Kanpur echoes the same sentiment. He claims to have witnessed a similar trend, “There is a latent interest in demand of gold due to rise in the price, consumers are now opting for diamond jewellery. Looking at the current industry trends, this Akshaya Tritiya, will trigger momentum for diamond sales along with a high purchase of Polki and Jadau jewellery as compared to gold.”
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Marking the rising trend of new non-gold category sales during this auspicious day is Platinum Jewellery. “We do see platinum’s demand in Akshay Tritiya, as the east and west market started responding to platinum demand on this occasion two years before. For the millennials, platinum is already a metal of choice for moments of high emotional significance. And with platinum, you have the license to bring in newness,” said Vaishali Banerjee, managing director, Platinum Guild International (India).
[/vc_column_text][vc_single_image image=”3676″ img_size=”full” add_caption=”yes”][vc_column_text]Although most of the jewellers are expecting good business during the occasion, there are some retailers who feel that the market is yet to recover from the ill-effects of GST and Demonetisation. Ratan Lal from RR Agarwal Jewellers, Kolkata feels that market is yet to recover from GST and with money circulation still a big issue in the market, the Akshaya Tritiya business is likely to get hampered to some extent.[/vc_column_text][vc_single_image image=”3686″ img_size=”full”][vc_column_text]
Saurabh Gadgil- Chairman & Managing Director, PNG Jewellers, Pune and Director, Indian Bullion Jewellers Association said, “This year’s Akshay Tritiya seems to be poised to bring in a decent influx of customers across the board. Akshaya Tritiya this year falls on a weekday, right in the middle of the month. It has coincided with the wedding season, exam fever is over and school, college vacations would have started too. Given the global political and economic uncertainties of US-China trade tensions, there has been a bullish outlook on price. There has already been a regular flow of advanced orders for the auspicious day, however we are not expecting that heavy rush to purchase gold this Akshaya Tritiya as we have seen in the past, but we are expecting balanced and decent buying. All these factors are in favor of a decent Akshaya Tritiya. We are expecting a 5 -10% increase in sales from last year.”
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Vipin Sharma, Azva CEO said, “As we all know gold has a deep rooted connect with consumers in India and Akshaya Tritiya in an auspicious occasion to buy gold. With stabilized policy environment and overall positive sentiments as such, combined with the ongoing wedding season, we are optimistic about demand for jewellery and that Akshaya Tritiya should see an increase over last year. Azva takes inspiration from the idea of seven vows – traditional Indian wedding ritual and interpreted it in a contemporary way with versatile product designs for Life beyond the locker.
Azva continues to focus on offering the market a collection that is handcrafted with unique craftmanship, integration with influencers across the globe, digital and content building based on collaborations with designers and retail associates across countries.
Overall growth of Azva has been steady. The brand has invested in expanding its foot print by partnering with retailers across India that continues to be with Azva since its inception. The brand offers a wide range of products starting from Rs 40,000 onwards.
Social media has proven to be a very effective tool for Azva in reaching the modern-day consumer. As for this season, we intend to continue with our efforts at focused brand communication centered around influencers, content and digital marketing and assisting the customers with a prompt service through the process of their purchase and beyond.
Azva has a wide range of products starting from Rs 40,000 onwards and strives to offer products that can be worn on every exquisite day of your life beyond the wedding day. In the short run consumers do react to price changes but in the long run as we have seen over years, the deep rooted connect has ensured price inelasticity of gold and jewellery consumption in the market. We are positive about short term and long term prospects of growth for the industry.
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