With just a week left for Akshaya Tritiya, jewellers in the city have stocked up on new jewellery designs and are offering a host of discounts to attract customers.

Many showrooms will open as early as 7 am on Akshaya Tritiya (April 30) to cater to the anticipated rush.

Jewellers who spoke to DH said they have received a large stock of new collections and designs. “This is the biggest festival of the year for us. Hence, we have stocked up heavily. We have got special designs and new collections specifically for this occasion. For the past three months, we have been working on new designs and production to meet the demand during Akshaya Tritiya,” said Vinod Hayagriv, Director of the C Krishniah Chetty Group.

A few showrooms have also introduced limited-edition collections that are specially designed and customised to meet customer preferences.

Over the last five years, demand for gold during Akshaya Tritiya has been steadily increasing, and jewellers are confident that business this year will surpass previous years.

"The demand (for gold jewellery) is so high that we have been receiving pre-booking queries for the past month. In fact, many of our customers have already selected their jewellery and paid an advance so they can easily collect it on Akshaya Tritiya,” said TA Sharavana, President of the Karnataka Jewellers’ Association.

However, smaller jewellery stores are seeing a dip in customer footfall due to stiff competition from larger showrooms offering numerous deals. “There is no doubt there is an uptick in sales during Akshaya Tritiya, but it is not as significant as it used to be. Now, we receive orders only from our regular customers. Orders from new customers are rare,” said Girinath A, who has been running a jewellery store in Rajajinagar for the past 30 years.

Estimates suggest close to 2,000 kg of gold was sold in Karnataka during Akshaya Tritiya in 2024, with Bengaluru accounting for nearly 60% of the state's gold sales.

Surge in gold prices does not dent demand

Though gold prices have skyrocketed in recent months, the demand during Akshaya Tritiya remains undeterred.

For many, it’s a tradition; for others, it’s a strategic investment.

“People have confidence in investing in gold. They prefer to buy it during Akshaya Tritiya since many showrooms announce special offers during this period,” said TA Sharavana, President of the Karnataka Jewellers’ Association, adding that most customers view it as a safe and secure investment.

Prices hit a new record

On Tuesday, gold prices hit a new record: the price for 10 grams of 24-carat gold crossed the Rs 1-lakh mark, reaching Rs 1,01,350, while 22-carat gold stood at Rs 92,900.

On demand: Mahakumbh coins, diamond jewellery, lightweight designs

To commemorate the Mahakumbh celebrations, several jewellers are offering Mahakumbh-themed silver and gold coins, which are in high demand. These coins can be customised to include the customer’s name and the date of their visit to the Mahakumbh Mela.

In addition, diamond jewellery has been popular. In the gold segment, due to the high cost, customers prefer lightweight designs. Bangles and necklaces also continue to be sought after.

Courtesy: Deccan Herald