India witnessed a strong start to gold and silver purchases on Akshaya Tritiya, with consumer enthusiasm remaining high despite record-breaking prices for precious metals.
The All India Gem and Jewellery Domestic Council (GJC) estimates that gold sales could rise by 35% in value terms compared to the previous year.
Foot traffic was especially strong in South India during the early hours of the festival, with expectations of rising customer turnout in Maharashtra and northern regions as the day progressed, despite challenging weather conditions.
Currently, gold prices range between ₹99,500 and ₹99,900 per 10 grams, marking a significant 37.6% increase from the ₹72,300 rate during last year’s Akshaya Tritiya. However, the recent stabilisation of gold rates after a surge seems to have reassured hesitant buyers.
“We anticipate overall gold sales to match last year’s volume of 20 tonnes, but in terms of value, we expect a 35% increase,” said GJC Chairman Rajesh Rokede. He noted that gold buying continues to be strong as people uphold the traditional belief that buying gold on Akshaya Tritiya brings prosperity.
Notably, younger consumers aged 25–40 are actively purchasing gold and silver, with many opting for coins, bars, and essential jewellery based on their budgets. This demographic shift signals a broadening consumer base despite high costs.
Sachin Jain, CEO of the World Gold Council India, emphasised that while rising prices have affected affordability, the positive sentiment tied to the festival remains strong.
Saurabh Gadgil, Chairman and MD of PNG Jewellers, echoed the optimism, pointing out that around 50% of purchases are now being financed through old gold exchanges. This trend allows consumers to celebrate without financial strain, especially during weddings and festivals.
“While there might be an 8–9% dip in gold sales volume, value-wise we foresee a growth of 20–25%, highlighting the market’s resilience,” Gadgil said.
Ramit Kapur, Managing Director of GSI India, observed increased demand for studded jewellery, while Lisa Mukhedkar, CEO of Aukera, noted a rise in interest in lab-grown diamonds this festive season.
According to Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, total sales are expected to reach 12 tonnes of gold worth approximately ₹12,000 crore, and 400 tonnes of silver worth around ₹4,000 crore - amounting to an estimated ₹16,000 crore in business.
Despite gold hitting all-time highs in recent years, experts say demand has remained steady. India, the world's largest gold consumer, imports between 700 and 800 tonnes annually, reaffirming its enduring appetite for the precious metal.