A lot has been working against jewellers these past few months. Volatile gold prices, a lackluster economy and add to that the implications of the ongoing General Elections, people were more than happy to play it safe when it came to splurging on a piece of jewellery. And so the expectations for Akshaya Tritiya were bare minimum to say the least. However, the festive season has given more than one reason for jewellers to go on and believe that India at the end of the day is a gold loving nation and people still believe in the auspiciousness surrounding the yellow metal.

The prices have stabilized the past month and this in turn may likely lead to a double digit growth in sales. “The last three months were not that great but from Gudi Padwa till now, we have seen some excellent demand, so much so that we have made up for the lack of business in those earlier months. Surprisingly, big ticket items are being booked by people and this may be because of the wedding season as well. We have also done 360 degree marketing for this occasion, on social media, on television, print, radio, etc and that has definitely made a difference,” says Tejpal Ranka of Ranka Jewellers.

Jewellers who have done aggressive promotion and resorted to traditional forms of advertising like print, television and radio have done extremely well. The proven formula of attractive discounts has certainly worked. “People are extremely excited this Akshaya Tritiya and we are seeing good footfalls. All kinds of jewellery are selling and diamond jewellery is especially seeing an upward demand. I think the excitement around this occasion is just the same as the past years, sadly nationwide, jewellers are not doing enough marketing to attract more consumers and this is half the reason why our industry is suffering,” says Himachal Pradesh based jeweller Akshay Verma of Verma Jewellers.

The ongoing General Elections have certainly had its share of impact on the industry but coincidentally four phases of elections are over in parts of Southern and Western India and people are finally coming forward to buy gold. Says Chennai based jeweller Princeson Jose of Prince Jewellery, “People have booked what they want to buy. Unlike the past two years, Akshaya Tritiya occurs only for a day this year, so automatically that will affect the footfall. Wedding parties are going in for heavy pieces but others prefer investing in small, pocket-friendly items. Earlier in the month, people were cautious because of elections, but now that it’s over, they will come forward to buy gold.”

Many jewellers are offering pre-booking schemes where in people can choose and pre-book the piece they want and pick it up on the day of Akshaya Tritiya. “Gold prices are expected to do well this year during Akshaya Tritiya with domestic demand driving. Our special offers for the eve include up to 50% off on making charges and up to 20% off on diamond value, early bird offer for customers who book with 10% onwards in advance and get jewellery at the booked rate or prevailing rate whichever is lower,” says Ahammed MP of Malabar Gold & Diamonds.

In a surprising turn of events, many people are investing in stylish diamond pieces for the occasion, “This year we are expecting a nominal growth in sales during Akshay Tritiya as the movement of Goods and Sales are both being hampered by the model code of conduct. We are expecting major conversions from gold to diamond jewellery,” says Vaibhav Saraf of Aisshpra Gems and Jewels.

However, India being a diverse country with values and sentiments about buying gold differing from one state to the other, we can’t paint the consumer behavior with the same brush. Mumbai based jeweller Mahesh Jagwani of Mahesh Nottandass Fine Jewellery says, “The demand is decent. The excitement as compared to the previous years is obviously low because of the economy and the ongoing elections. But some people are coming in and buying gold jewellery, especially the smaller items. There isn’t much demand for diamond jewellery.”