‘Jewellery sales worth over 400cr recorded on Akshaya Tritiya’

Noida/Ghaziabad: After two years of the pandemic-induced slump, jewellery sales on Akshaya Tritiya surpassed the pre-Covid-19 level in the two districts. Jewellers in Noida and Ghaziabad reported sales worth over Rs 400 crore on Tuesday. While gold and silver jewellery worth over Rs 300 crore was sold in Noida this year, up by Rs 100 crore from 2019, Ghaziabad recorded sales of Rs 125 crore, a 100% jump over pre-Covid level.
“There was tremendous excitement in the market on Akshaya Tritiya. After two years of the pandemic-induced disruption, business has bounced back this year. Customers made a lot of purchases while jewellery showrooms remained open till late hours due to heavy rush,” SK Jain, general secretary of Noida Jewellers Welfare Association (NJWA), told TOI.
“As per rough estimates, gold and silver jewellery worth over Rs 300 crore was sold in Gautam Budh Nagar, including Dadri and Jewar. There are over 200 small and big jewellery showrooms in the district. These showrooms recorded cumulative sales of Rs 250 crore worth of gold jewellery,” he added.
Tuesday's sales were despite the steady rise in prices of gold and silver. In 2019, the price of gold on Akshaya Tritiya was Rs 32,700 per 10 grams and silver was at Rs 38,350 per kg. In 2022, the price was Rs 53,000 per 10 grams of gold and close to Rs 66,600 per kg of silver. “People still consider gold as a safe investment option and the pandemic has reinforced the belief,” said Jain.
Rajendra Verma of Shri Ram Jewellers, added, “It seemed that people forgot that there was a pandemic and invested in gold generously.”
In Ghaziabad, Ashok Anand Verma, convener of Vasundhara, Vaishali and Indirapuram Jewellers Association, reported Rs 125 crore sales of gold and silver jewellery.