Akshaya Tritiya is an auspicious day for Indians when buying gold is considered to be very important. However, this is the second year when offline stores are likely to be shut on this day.
Jewellers are disappointed as they already missed out on Gudi Padwa sales for the second year and now they are set on missing Akshaya Tritiya.
"For us, these are two major days of sales and this is going to be a major blow for the organised retail sector that offers huge employment to the skilled and semi-skilled workforce. As retailers and not just jewellers, we are not provided with any respite on loans, rents or taxes is truly breaking the backbone of the industry," states Aditya Pethe, director at WHP Jewellers.
While the government is doing its best to help fight COVID-19, Pethe further says that it should also do something to protect the livelihood of the people in the retail industry.
Last year, according to Ishu Datwani, founder at ANMOL, business was down by more than 70 percent at an average for most jewellery retailers.
"Our experience of last year shows that not much sales happen online so even this year we not expecting anything substantial. We only hope and pray that these difficult times go away soon," Datwani mentions.
However, Vaibhav Saraf, director of Aisshpra Gems and Jewels expects a moderate demand for jewellery and good demand for gold coins this festival season since most people would want to do a ‘shagun’ purchase rather than visiting stores with family to purchase jewellery.
Going forward, Tanya Rastogi, director of Lala Jugal Kishore Jewellers expects to see a good surge in return of trust into gold with this second and more severe pandemic setting. He believes that gold is the go-to safe haven for Indians and gold rates seem to be supporting the estimation.
Meanwhile, gold prices in India traded higher on the Multi Commodity Exchange (MCX) on Thursday as the international spot prices gained following lower US Treasury yields.
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