major Hindu festival, designed to bring prosperity and luck to Indians, was marked by a fall in gold prices, and retailers actively promoted their new collections and held special promotions, according to a weekly message from Diamond World.
Gold prices for the holiday of Akshay Tritiya (May 13) fell almost to 400 rupees for 10 g, which is 5% lower than the corresponding figure last year. Consumers took advantage of the new opportunities, and jewelry companies registered an increase in sales of jewelry, gold bars and coins by 20-25% on a year-on-year basis.
The most active sales of gold on Akshaya Tritiya day were held in Delhi, Mumbai and Coimbatore. The fall in gold prices has become the main driver of sales. According to some estimates, Indian sales of gold jewelry and coins increased by 10-15% in volume compared to the same period last year. The trading of gold ETFs on the National Stock Exchange (NSE) was active, registering a 14% growth to 6.91 billion rupees, as well as an increase in online sales.