For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-COVID sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people. In a normal year, the industry does business of 25-30 tonnes on Akshaya Tritiya, but this year, it expects a maximum of 3-4 tonnes of sales as offline sales have been badly impacted. Some organised players like Kalyan Jewellers did online bookings of gold which will be physically delivered later. The second wave of the pandemic is turning out to be much worse than last year with huge loss of life across the country. This has created an overall negative consumer sentiment, All-India Gems & Jewellery Domestic Council (GJC) chairman Ashish Pethe told PTI.
Akshaya Tritiya: Covid in India, travel suspension deter expats from buying gold
khaleejtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khaleejtimes.com Daily Mail and Mail on Sunday newspapers.
Mr Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers on Akshaya Tritiya
equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
No gold rush this Akshaya Tritiya with most jewellery stores shut
A closed jewellery showroom on Akshaya Tritiya day in Chennai - BIJOY GHOSH×
Online sales lend some sparkle; big brands innovate with virtual views, gold certificates
Typically, there is a gold rush on Akshaya Tritiya, driven by the belief that buying the precious metal on this auspicious day brings prosperity. However, for the second consecutive year, jewellery stores across much of the country were shut, and it was a lustreless year in terms of sales for most retailers. But for big brands with an omnichannel strategy and online players there was some sparkle.