On an Auspicious Day to Buy Jewellery, Indian Retailers Brace for a ‘Washout’

On an Auspicious Day to Buy Jewellery, Indian Retailers Brace for a ‘Washout’

A woman buying jewellery on the occasion of Akshaya Tritiya at Kalyan Jewellers in Mumbai, India. Getty Images.

Akshaya Tritiya, an annual spring festival for Hindus and Jains, which falls this year on May 14, is traditionally a bumper sales day for Indian jewellers, given its status as an auspicious date on which to buy gold and jewels.

This year, however, with a devastating second wave of Covid-19 infections still crippling the nation, India’s jewellery retailers are facing a second consecutive year of lost Akshaya Tritiya sales, business publication Mint reports.

“With almost 90 percent of states under lockdowns to curb the infections, retail jewellery stores are closed and no delivery is allowed. So, we are expecting a near washout of this Akshaya Tritiya as well,” All-India Gems and Jewellery Domestic Council (GJC) chairman, Ashish Pethe, told the Press Trust of India (PTI).

Kalyan Jewellers executive director, Ramesh Kalyanaraman, told PTI this year’s Akshaya Tritiya is likely to garner a sales volume similar to that of 2020.

“Looking at reports of loss of life and the havoc the pandemic is having at the ground level, we have decided not to actively go for any promotional activities this year. Out of our 150 showrooms across the country, only 10 to 15 are open,” he said.

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