Akshaya Tritiya 2021: Muted Gold Sales As Pandemic Dampens Sentiment

As most of the jewellers across the country were shut on the occasion of Akshaya Tritiya for the second consecutive year due to the pandemic, gold sales have been hard hit. As per a PTI copy, jewellers on Akshaya Tritiya (May 14, 2021) witnessed just 10 percent of the pre-Covid sales. Akshaya Tritiya or Akha Teej is known to bring in fortune, good luck and prosperity by buying gold.

Akshaya Tritiya 2021: Muted Gold Sales As Pandemic Dampens Sentiment

Now buyers have to rely either on online modes of gold purchase or may altogether give it a miss due to the restriction in movement owing to lockdowns in various states as the coronavirus crisis deepened.

Gold demand remains muted

As there was witnessed economic resilience and gold prices softened, there was seen recovery in demand for gold in the first three months of CY 2021, after gold demand crashed to over two-decade low last year owing to sharp increase in gold prices. But now as India confronts the worst health crisis and both infections and death continue to rise, many states have imposed a lockdown which has again impacted the demand for gold.

"With the evolving on-ground situation and individual concerns, the overall sentiment in India is not favorable with customers hesitating to step out of their homes," Ramesh Kalyanaraman, executive director at Kalyan Jewellers India Ltd. told a leading business daily. Also, he pointed that 20% of the jewellers based out of Kerala were operational on Akshaya Tritiya but with time limitations.

Pethe- Chairman of the All India Gem and Jewellery Domestic Council however told a leading daily that unlike the previous year people are now at ease buying gold online. Another online retailer of gold bars and coins Augmont Digi Gold reported sales of about 30 kgs of gold this Akshaya Tritiya against the total sale of about 15 kgs last year on the same occasion.

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