High gold prices temper Akshaya Tritiya buying; Silver see uptick

Akshaya Tritiya, one of the most auspicious days for gold purchases in India, saw subdued demand this year as near-record prices of the yellow metal kept buyers cautious. While the overall value of gold sales rose by 20% year-on-year, actual purchase volumes dipped by 15–18%, according to retailers.

Despite extended store hours and promotional offers, footfall remained low as buyers steered clear of high-value jewellery. Instead, consumers shifted toward smaller investments—gold and silver coins, lightweight daily-wear ornaments, and digital gold products.

“We saw many first-time buyers and investors opting for low-denomination items or even silver, anticipating that gold prices may climb further,” said Samit Guha, CFO at MMTC-PAMP, a joint venture between state-run MMTC and Swiss bullion major PAMP SA.

Silver Outshines Gold

Silver emerged as a major gainer this Akshaya Tritiya, with demand more than doubling compared to last year. MMTC-PAMP reported strong offline sales and exponential growth in digital platforms, as buyers turned to the white metal for value and affordability.

“There was a clear shift towards silver coins, artefacts, and lightweight jewellery pieces. Customers found silver more accessible given the current gold rates,” Guha added.

Gold prices, which had surged close to ₹100,000 per 10 grams in April, cooled slightly to around ₹95,000 on the day of the festival, following a dip in global prices due to a stronger US dollar and easing geopolitical tensions.

Jewellery Trends: Less Weight, More Value

Retailers noted that lightweight jewellery—particularly rings, chains, earrings, and pendants—was in high demand, especially among younger consumers and for wedding-related purchases.

“While volumes dropped, customers chose more expensive lightweight designs. Diamond jewellery also witnessed healthy growth in both value and volume,” said Suvankar Sen, MD & CEO of Senco Gold Ltd.

Kalyan Jewellers, which operates over 250 stores, echoed similar sentiments. Executive Director Ramesh Kalyanaraman said there was “strong demand for lightweight gold and diamond jewellery,” with gold coins remaining a staple purchase.

High-Value Buyers Booked in Advance

Despite the broader dip in walk-in purchases, high-value buyers (₹10–15 lakh range) continued their planned investments. These customers often book in advance to make purchases during the festival muhurat.

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, said, “Sales on Akshaya Tritiya touched ₹20,000 crore, supported by the festive rush and wedding season. With gold prices slightly easing, the number of buyers surged by evening.”

Looking ahead, retailers expect a further uptick in demand as the wedding season progresses, with lightweight jewellery and digital investment products likely to remain in focus.