A little over a decade ago it was an almost unknown religious occasion, celebrated, at best, by a few very pious, very religious people across the country. But since then it has been lifted out of relative obscurity, and become the second most important selling point for jewellers across the country, only ranking behind the all important Dhanteras.%% In 2012, the festival took on an added significance. In the course of the last year since Akshaya Tritiya had been observed in 2011, the price of gold had zoomed by about 30-35 per cent, rising from just under Rs 22,000 per 10 gms to almost Rs 29,000. The spiraling prices, coupled with currency fluctuations and a slowing down of the domestic economic growth had impacted gold jewellery sales to quite an extent all over the country.%% Then in March 2011, the Finance Minister announced the extension of the excise duty hitherto levied only on branded products, to cover all types of jewellery, a declaration that prompted a spontaneous outburst and led to an unprecedented all India strike, where virtually every jeweller in India downed their shutters for 21 days. (See separate story in this issue).%% Though the strike was called off on April 11, by the auspicious day of Akshaya Tritiya on April 24, there was still no official announcement about the promised withdrawal of the levy, and confusion, both in the minds of jewellers and consumers about whether it was to be levied or not. %% Despite such uncertainity, when the day finally dawned, tradition seemed to have once more triumphed, as crowds flocked to the stores. Though the final sales figures were nowhere near the record peaks that had been touched during the last decade, the overall verdict across the industry was that it had been positive nevertheless.%% Describing it as a “shower of rain in a hot season", Praveen Kumar, secretary, Twin Cities Jewellers' Association (Hyderabad-Secunderabad) felt that though footfalls had been good, they did not translate into the kind of sales they should have.%% Taking an overview, it seems that consumer demand remained slow due to high prices, and though sales were up in terms of value as compared to 2011, in terms of volume, they mostly declined, barring, perhaps, a few exceptions. Statements by spokespersons of the All Indian Gems & Jewellery Trade Federation (GJF) put total sales at around 17 tonnes of gold, slightly higher than the 15 tonnes reported in 2011, but significantly below the peaks of 40-42 tonne that had been registered between 2009-10 and well below the record high of 55 tonnes that had been scaled in 2008. Though compilation of accurate sales figures in a country the size of India is virtually impossible, many observers believe that the performance in the rural areas (30-40 per cent), and semi-urban centres (10-15 per cent) was better than that in the urban areas (5-10 per cent).%%

“The enthusiasm which should have been there wasn't there this time,” said Bachhraj Bamalwa, chairman, GJF, attributing this to the 30 per cent rise in gold prices over the last year. He added that there was little advance booking of jewellery as had been common in earlier years.%% “Overall the sales have risen by about 10 to 15 per cent in value terms but volume-wise sales have not increased,” he concluded.%% Former GJF chairman Ashok Minawala said that sales of jewellery surpassed that of coins in the ratio of 60:40.%% Gold sales across the sector were higher in volume terms, than in 2010, on the same occasion, Ajay Mitra, managing director, India and Middle East, World Gold Council said. According to a walk-in survey conducted by WGC across different cities, "sentiment and mood of jewellers in cities like Mumbai, Chennai, Hyderabad was very positive."%% Mitra believes that the special promotion of gold coins that the Council had undertaken in collaboration with Reliance Money and Indian Post "seems to have excited consumers". %% Speaking about the platinum segment, N Anantha Padmanabhan of NAC Jewellers and the Chennai regional head of GJF said that there had been a 25 per cent increase in platinum sales. He, however added that the purchase of silver has been flat as prices have corrected 10-15 per cent over the past few months and people are waiting for more correction to happen in silver.%% {{Branded Success}} $$ Branded jewellers, seem, relatively speaking, to have done better. $$ Gitanjali Group CMD Mehul Choksi said that business has been brisk. “In value terms, sales were up 35 per cent though volumes sold would be 15-20 per cent lower due to the appreciation in gold prices over the last year.”%% He, however, confirmed that there had been large numbers visiting the stores, with each buying small quantities of gold. The preference is more towards gold jewellery rather than coins or bars due to the upcoming wedding season.%% Confirming the high footfalls, Rahul Singh, marketing head, Shree Ganesh Jewellery House said that there had been a nearly 35 per cent growth in sales compared to last year. He believes that after the jewellers’ strike was lifted, many consumers decided to wait for Akshaya Tritiya to buy jewellery.%% Sandeep Kulhalli, vice president – retail and marketing of Tanishq, said there has been a good pick up on the sales front in the 3-4 days before the festival, and that the relatively stability in gold and diamond prices, and the upcoming wedding season had drawn consumers to the stores.%% Rajesh Exports Ltd., which chose to open 20 new retail stores in Karnataka on ‎Akshaya Tritiya, had a boom in sales. Nearly 20,000 pieces were sold, or about 180 kgs of gold, the company said, and over 90 per cent of consumers made purchases. The company’s branded retail chain – Shubh Jewellers – reported cumulative sales of nearly Rs 50 crore during the period.%%

{{Regional Round up}}$$ A brief round up of some of the big cities across the country confirmed a generally positive sentiment.%% {{Hyderabad}} $$ There was a huge rush in the gold jewellery market throughout the day, with Jagdish Prasad, secretary of the Char Kaman Jewellers Sarafa Association reporting that people were buying as per their planned budgets, and keeping the forthcoming wedding season in mind. But many reported that sales were also much slower than in previous years. %% Jeetender Agarwal, a GJF director said that demand was lower due to confusion over excise duty, while Nandlal Kedia of MBS Jewellers noted that high prices had impacted sales and people were not spending more than they had budgeted for.%% {{Delhi}}%% The mood in the capital was more subdued. Ramavtar Verma, general secretary of the Delhi Jewellers and Goldsmith Association reported lower volumes with only “token buying of gold coins".%% He also added that there was not much sale in jewellery as shopkeepers were wary of maintaining heavy stocks due to the fear of excise duty.%% {{Mumbai}} $$ In the heart of Zaveri Bazaar, where many shops remained open well beyond normal closing hours, there was consumer enthusiasm which led to an overall 10 per cent rise in sales, noted Lalit Jagawat, proprietor of Nakoda Bullion and director, the Bombay Bullion Association. He said that quantities purchased were lower, as people kept well within their investment budget.%% Mahavir Lodha, chief executive for Mumbai Wholesale Gold Jewellers Association, said that sales were good and there was good demand for coins and jewellery. %% {{Goa}} $$ Vikram Vernekar, president of the Goa gold dealers association, said that most jewellers registered a 15 per cent increase in sales as compared to last year. %% Another jeweller, Premal Javeri of Javeri Jewelers in Panaji said that sales of jewellery and coins had been good, “even a little higher as compared to last year”. %% But Dnyanesh Lotlikar, owner of Lotlikar Jewelers in Margao saw a decrease in sales by at least 20 per cent.%%

{{Gujarat}}$$ Most jewellers reported that sales were “beyond expectations” as consumers in the state are driven both by tradition and investment motives. Manoj Soni of A.B. Jewellers in Ahmedabad reported an increase of 10-15 per cent in gold sales, while Nachiket Mavalankar of Rasiklal Chandulal and Co. Jewellers felt that “purchases were definitely lesser compared to the previous year”. According to jewellers, the purchase of gold coins in the market was only 35 per cent as compared to jewellery.%% {{Chennai}} $$ Customer turnout was mostly above expectations in this tradition-conscious city, and NAC Jewellers reported matching last year’s sales despite the higher prices. However another major jeweller said that purchases on this day were high because they are “emotional”, and so many people equaled or are close to last year’s figures, while outlook for the rest of the year “is still very bleak”. %% {{Patna}}$$ Overall sales across the city were buoyant as consumers were also attracted by the various offers, gifts and discounts offered.%% Moni Shankersengupta, area business manager of Tanishq, Bihar, said that the affordable diamond range launched for the occasion in the price bracket of Rs 10,000 to Rs 25,000 was the most sought-after item.%% Sachin Gupta, whose store Ginni Jewellers recorded 35 per cent higher sales this year said there was a preference for precious and semi-precious stones studded gold jewellery, while many made token purchases of smaller items like nose pins, earrings, rings, 'jhumka', pendants and gold coins ranging from 1 to 50 grams. Shailendra Kumar of Nakshatra at P & M mall added that price was not a major concern. He observed that while older people preferred buying gold bars and coins as investment, younger consumers were looking for lightweight jewellery.%%

A little over a decade ago it was an almost unknown religious occasion, celebrated, at best, by a few very pious, very religious people across the country. But since then it has been lifted out of relative obscurity, and become the second most important selling point for jewellers across the country, only ranking behind the all important Dhanteras.%% In 2012, the festival took on an added significance. In the course of the last year since Akshaya Tritiya had been observed in 2011, the price of gold had zoomed by about 30-35 per cent, rising from just under Rs 22,000 per 10 gms to almost Rs 29,000. The spiraling prices, coupled with currency fluctuations and a slowing down of the domestic economic growth had impacted gold jewellery sales to quite an extent all over the country.%% Then in March 2011, the Finance Minister announced the extension of the excise duty hitherto levied only on branded products, to cover all types of jewellery, a declaration that prompted a spontaneous outburst and led to an unprecedented all India strike, where virtually every jeweller in India downed their shutters for 21 days. (See separate story in this issue).%% Though the strike was called off on April 11, by the auspicious day of Akshaya Tritiya on April 24, there was still no official announcement about the promised withdrawal of the levy, and confusion, both in the minds of jewellers and consumers about whether it was to be levied or not. %% Despite such uncertainity, when the day finally dawned, tradition seemed to have once more triumphed, as crowds flocked to the stores. Though the final sales figures were nowhere near the record peaks that had been touched during the last decade, the overall verdict across the industry was that it had been positive nevertheless.%% Describing it as a “shower of rain in a hot season", Praveen Kumar, secretary, Twin Cities Jewellers' Association (Hyderabad-Secunderabad) felt that though footfalls had been good, they did not translate into the kind of sales they should have.%% Taking an overview, it seems that consumer demand remained slow due to high prices, and though sales were up in terms of value as compared to 2011, in terms of volume, they mostly declined, barring, perhaps, a few exceptions. Statements by spokespersons of the All Indian Gems & Jewellery Trade Federation (GJF) put total sales at around 17 tonnes of gold, slightly higher than the 15 tonnes reported in 2011, but significantly below the peaks of 40-42 tonne that had been registered between 2009-10 and well below the record high of 55 tonnes that had been scaled in 2008. Though compilation of accurate sales figures in a country the size of India is virtually impossible, many observers believe that the performance in the rural areas (30-40 per cent), and semi-urban centres (10-15 per cent) was better than that in the urban areas (5-10 per cent).%%

“The enthusiasm which should have been there wasn't there this time,” said Bachhraj Bamalwa, chairman, GJF, attributing this to the 30 per cent rise in gold prices over the last year. He added that there was little advance booking of jewellery as had been common in earlier years.%% “Overall the sales have risen by about 10 to 15 per cent in value terms but volume-wise sales have not increased,” he concluded.%% Former GJF chairman Ashok Minawala said that sales of jewellery surpassed that of coins in the ratio of 60:40.%% Gold sales across the sector were higher in volume terms, than in 2010, on the same occasion, Ajay Mitra, managing director, India and Middle East, World Gold Council said. According to a walk-in survey conducted by WGC across different cities, "sentiment and mood of jewellers in cities like Mumbai, Chennai, Hyderabad was very positive."%% Mitra believes that the special promotion of gold coins that the Council had undertaken in collaboration with Reliance Money and Indian Post "seems to have excited consumers". %% Speaking about the platinum segment, N Anantha Padmanabhan of NAC Jewellers and the Chennai regional head of GJF said that there had been a 25 per cent increase in platinum sales. He, however added that the purchase of silver has been flat as prices have corrected 10-15 per cent over the past few months and people are waiting for more correction to happen in silver.%% {{Branded Success}} $$ Branded jewellers, seem, relatively speaking, to have done better. $$ Gitanjali Group CMD Mehul Choksi said that business has been brisk. “In value terms, sales were up 35 per cent though volumes sold would be 15-20 per cent lower due to the appreciation in gold prices over the last year.”%% He, however, confirmed that there had been large numbers visiting the stores, with each buying small quantities of gold. The preference is more towards gold jewellery rather than coins or bars due to the upcoming wedding season.%% Confirming the high footfalls, Rahul Singh, marketing head, Shree Ganesh Jewellery House said that there had been a nearly 35 per cent growth in sales compared to last year. He believes that after the jewellers’ strike was lifted, many consumers decided to wait for Akshaya Tritiya to buy jewellery.%% Sandeep Kulhalli, vice president – retail and marketing of Tanishq, said there has been a good pick up on the sales front in the 3-4 days before the festival, and that the relatively stability in gold and diamond prices, and the upcoming wedding season had drawn consumers to the stores.%% Rajesh Exports Ltd., which chose to open 20 new retail stores in Karnataka on ‎Akshaya Tritiya, had a boom in sales. Nearly 20,000 pieces were sold, or about 180 kgs of gold, the company said, and over 90 per cent of consumers made purchases. The company’s branded retail chain – Shubh Jewellers – reported cumulative sales of nearly Rs 50 crore during the period.%%

{{Regional Round up}}$$ A brief round up of some of the big cities across the country confirmed a generally positive sentiment.%% {{Hyderabad}} $$ There was a huge rush in the gold jewellery market throughout the day, with Jagdish Prasad, secretary of the Char Kaman Jewellers Sarafa Association reporting that people were buying as per their planned budgets, and keeping the forthcoming wedding season in mind. But many reported that sales were also much slower than in previous years. %% Jeetender Agarwal, a GJF director said that demand was lower due to confusion over excise duty, while Nandlal Kedia of MBS Jewellers noted that high prices had impacted sales and people were not spending more than they had budgeted for.%% {{Delhi}}%% The mood in the capital was more subdued. Ramavtar Verma, general secretary of the Delhi Jewellers and Goldsmith Association reported lower volumes with only “token buying of gold coins".%% He also added that there was not much sale in jewellery as shopkeepers were wary of maintaining heavy stocks due to the fear of excise duty.%% {{Mumbai}} $$ In the heart of Zaveri Bazaar, where many shops remained open well beyond normal closing hours, there was consumer enthusiasm which led to an overall 10 per cent rise in sales, noted Lalit Jagawat, proprietor of Nakoda Bullion and director, the Bombay Bullion Association. He said that quantities purchased were lower, as people kept well within their investment budget.%% Mahavir Lodha, chief executive for Mumbai Wholesale Gold Jewellers Association, said that sales were good and there was good demand for coins and jewellery. %% {{Goa}} $$ Vikram Vernekar, president of the Goa gold dealers association, said that most jewellers registered a 15 per cent increase in sales as compared to last year. %% Another jeweller, Premal Javeri of Javeri Jewelers in Panaji said that sales of jewellery and coins had been good, “even a little higher as compared to last year”. %% But Dnyanesh Lotlikar, owner of Lotlikar Jewelers in Margao saw a decrease in sales by at least 20 per cent.%%

{{Gujarat}}$$ Most jewellers reported that sales were “beyond expectations” as consumers in the state are driven both by tradition and investment motives. Manoj Soni of A.B. Jewellers in Ahmedabad reported an increase of 10-15 per cent in gold sales, while Nachiket Mavalankar of Rasiklal Chandulal and Co. Jewellers felt that “purchases were definitely lesser compared to the previous year”. According to jewellers, the purchase of gold coins in the market was only 35 per cent as compared to jewellery.%% {{Chennai}} $$ Customer turnout was mostly above expectations in this tradition-conscious city, and NAC Jewellers reported matching last year’s sales despite the higher prices. However another major jeweller said that purchases on this day were high because they are “emotional”, and so many people equaled or are close to last year’s figures, while outlook for the rest of the year “is still very bleak”. %% {{Patna}}$$ Overall sales across the city were buoyant as consumers were also attracted by the various offers, gifts and discounts offered.%% Moni Shankersengupta, area business manager of Tanishq, Bihar, said that the affordable diamond range launched for the occasion in the price bracket of Rs 10,000 to Rs 25,000 was the most sought-after item.%% Sachin Gupta, whose store Ginni Jewellers recorded 35 per cent higher sales this year said there was a preference for precious and semi-precious stones studded gold jewellery, while many made token purchases of smaller items like nose pins, earrings, rings, 'jhumka', pendants and gold coins ranging from 1 to 50 grams. Shailendra Kumar of Nakshatra at P & M mall added that price was not a major concern. He observed that while older people preferred buying gold bars and coins as investment, younger consumers were looking for lightweight jewellery.%%

A little over a decade ago it was an almost unknown religious occasion, celebrated, at best, by a few very pious, very religious people across the country. But since then it has been lifted out of relative obscurity, and become the second most important selling point for jewellers across the country, only ranking behind the all important Dhanteras.%% In 2012, the festival took on an added significance. In the course of the last year since Akshaya Tritiya had been observed in 2011, the price of gold had zoomed by about 30-35 per cent, rising from just under Rs 22,000 per 10 gms to almost Rs 29,000. The spiraling prices, coupled with currency fluctuations and a slowing down of the domestic economic growth had impacted gold jewellery sales to quite an extent all over the country.%% Then in March 2011, the Finance Minister announced the extension of the excise duty hitherto levied only on branded products, to cover all types of jewellery, a declaration that prompted a spontaneous outburst and led to an unprecedented all India strike, where virtually every jeweller in India downed their shutters for 21 days. (See separate story in this issue).%% Though the strike was called off on April 11, by the auspicious day of Akshaya Tritiya on April 24, there was still no official announcement about the promised withdrawal of the levy, and confusion, both in the minds of jewellers and consumers about whether it was to be levied or not. %% Despite such uncertainity, when the day finally dawned, tradition seemed to have once more triumphed, as crowds flocked to the stores. Though the final sales figures were nowhere near the record peaks that had been touched during the last decade, the overall verdict across the industry was that it had been positive nevertheless.%% Describing it as a “shower of rain in a hot season", Praveen Kumar, secretary, Twin Cities Jewellers' Association (Hyderabad-Secunderabad) felt that though footfalls had been good, they did not translate into the kind of sales they should have.%% Taking an overview, it seems that consumer demand remained slow due to high prices, and though sales were up in terms of value as compared to 2011, in terms of volume, they mostly declined, barring, perhaps, a few exceptions. Statements by spokespersons of the All Indian Gems & Jewellery Trade Federation (GJF) put total sales at around 17 tonnes of gold, slightly higher than the 15 tonnes reported in 2011, but significantly below the peaks of 40-42 tonne that had been registered between 2009-10 and well below the record high of 55 tonnes that had been scaled in 2008. Though compilation of accurate sales figures in a country the size of India is virtually impossible, many observers believe that the performance in the rural areas (30-40 per cent), and semi-urban centres (10-15 per cent) was better than that in the urban areas (5-10 per cent).%%

“The enthusiasm which should have been there wasn't there this time,” said Bachhraj Bamalwa, chairman, GJF, attributing this to the 30 per cent rise in gold prices over the last year. He added that there was little advance booking of jewellery as had been common in earlier years.%% “Overall the sales have risen by about 10 to 15 per cent in value terms but volume-wise sales have not increased,” he concluded.%% Former GJF chairman Ashok Minawala said that sales of jewellery surpassed that of coins in the ratio of 60:40.%% Gold sales across the sector were higher in volume terms, than in 2010, on the same occasion, Ajay Mitra, managing director, India and Middle East, World Gold Council said. According to a walk-in survey conducted by WGC across different cities, "sentiment and mood of jewellers in cities like Mumbai, Chennai, Hyderabad was very positive."%% Mitra believes that the special promotion of gold coins that the Council had undertaken in collaboration with Reliance Money and Indian Post "seems to have excited consumers". %% Speaking about the platinum segment, N Anantha Padmanabhan of NAC Jewellers and the Chennai regional head of GJF said that there had been a 25 per cent increase in platinum sales. He, however added that the purchase of silver has been flat as prices have corrected 10-15 per cent over the past few months and people are waiting for more correction to happen in silver.%% {{Branded Success}} $$ Branded jewellers, seem, relatively speaking, to have done better. $$ Gitanjali Group CMD Mehul Choksi said that business has been brisk. “In value terms, sales were up 35 per cent though volumes sold would be 15-20 per cent lower due to the appreciation in gold prices over the last year.”%% He, however, confirmed that there had been large numbers visiting the stores, with each buying small quantities of gold. The preference is more towards gold jewellery rather than coins or bars due to the upcoming wedding season.%% Confirming the high footfalls, Rahul Singh, marketing head, Shree Ganesh Jewellery House said that there had been a nearly 35 per cent growth in sales compared to last year. He believes that after the jewellers’ strike was lifted, many consumers decided to wait for Akshaya Tritiya to buy jewellery.%% Sandeep Kulhalli, vice president – retail and marketing of Tanishq, said there has been a good pick up on the sales front in the 3-4 days before the festival, and that the relatively stability in gold and diamond prices, and the upcoming wedding season had drawn consumers to the stores.%% Rajesh Exports Ltd., which chose to open 20 new retail stores in Karnataka on ‎Akshaya Tritiya, had a boom in sales. Nearly 20,000 pieces were sold, or about 180 kgs of gold, the company said, and over 90 per cent of consumers made purchases. The company’s branded retail chain – Shubh Jewellers – reported cumulative sales of nearly Rs 50 crore during the period.%%

{{Regional Round up}}$$ A brief round up of some of the big cities across the country confirmed a generally positive sentiment.%% {{Hyderabad}} $$ There was a huge rush in the gold jewellery market throughout the day, with Jagdish Prasad, secretary of the Char Kaman Jewellers Sarafa Association reporting that people were buying as per their planned budgets, and keeping the forthcoming wedding season in mind. But many reported that sales were also much slower than in previous years. %% Jeetender Agarwal, a GJF director said that demand was lower due to confusion over excise duty, while Nandlal Kedia of MBS Jewellers noted that high prices had impacted sales and people were not spending more than they had budgeted for.%% {{Delhi}}%% The mood in the capital was more subdued. Ramavtar Verma, general secretary of the Delhi Jewellers and Goldsmith Association reported lower volumes with only “token buying of gold coins".%% He also added that there was not much sale in jewellery as shopkeepers were wary of maintaining heavy stocks due to the fear of excise duty.%% {{Mumbai}} $$ In the heart of Zaveri Bazaar, where many shops remained open well beyond normal closing hours, there was consumer enthusiasm which led to an overall 10 per cent rise in sales, noted Lalit Jagawat, proprietor of Nakoda Bullion and director, the Bombay Bullion Association. He said that quantities purchased were lower, as people kept well within their investment budget.%% Mahavir Lodha, chief executive for Mumbai Wholesale Gold Jewellers Association, said that sales were good and there was good demand for coins and jewellery. %% {{Goa}} $$ Vikram Vernekar, president of the Goa gold dealers association, said that most jewellers registered a 15 per cent increase in sales as compared to last year. %% Another jeweller, Premal Javeri of Javeri Jewelers in Panaji said that sales of jewellery and coins had been good, “even a little higher as compared to last year”. %% But Dnyanesh Lotlikar, owner of Lotlikar Jewelers in Margao saw a decrease in sales by at least 20 per cent.%%

{{Gujarat}}$$ Most jewellers reported that sales were “beyond expectations” as consumers in the state are driven both by tradition and investment motives. Manoj Soni of A.B. Jewellers in Ahmedabad reported an increase of 10-15 per cent in gold sales, while Nachiket Mavalankar of Rasiklal Chandulal and Co. Jewellers felt that “purchases were definitely lesser compared to the previous year”. According to jewellers, the purchase of gold coins in the market was only 35 per cent as compared to jewellery.%% {{Chennai}} $$ Customer turnout was mostly above expectations in this tradition-conscious city, and NAC Jewellers reported matching last year’s sales despite the higher prices. However another major jeweller said that purchases on this day were high because they are “emotional”, and so many people equaled or are close to last year’s figures, while outlook for the rest of the year “is still very bleak”. %% {{Patna}}$$ Overall sales across the city were buoyant as consumers were also attracted by the various offers, gifts and discounts offered.%% Moni Shankersengupta, area business manager of Tanishq, Bihar, said that the affordable diamond range launched for the occasion in the price bracket of Rs 10,000 to Rs 25,000 was the most sought-after item.%% Sachin Gupta, whose store Ginni Jewellers recorded 35 per cent higher sales this year said there was a preference for precious and semi-precious stones studded gold jewellery, while many made token purchases of smaller items like nose pins, earrings, rings, 'jhumka', pendants and gold coins ranging from 1 to 50 grams. Shailendra Kumar of Nakshatra at P & M mall added that price was not a major concern. He observed that while older people preferred buying gold bars and coins as investment, younger consumers were looking for lightweight jewellery.%%