MUMBAI: The jewelry industry, which has been paralyzed due to the closure following the Covid-19 pandemic, expects a total wash of sales on Akshaya Tritiya day on Sunday compared to last year, even when many retailers are distributing innovative products. offers to attract customers. "This year, Akshaya Tritiya has fallen within the 2.0 blockade, which will result in the complete closure of the jewelers. Any sale that takes place will be only on the digital platform," said Anantha Padmanabhan, president of All India Gems and Jewelery Council here. .
"We expect a 97-98 percent decrease in business this year on the day of the festival compared to last year," he added.
He said jewelers have come up with innovative offers to attract customers for digital purchases, including price blocking, gold property certificates, among others.
"Any physical delivery or purchase will happen after closing. We expect the industry to gradually return to normal with extremely slow May and June. We expect demand to increase during Diwali," he added.
Akshaya Tritiya, also known as Akha Teej, is an annual spring festival considered auspicious in many regions (especially in the south and west) to start new businesses, weddings, expensive investments like gold.
PNG Jewelers President and CEO Saurabh Gadgil said that for the first time, buying gold at Akshaya Tritiya will be completely online.
"Participation will not be like last year and jewelers are doing business offering electronic coupons, electronic certificates as physical purchase and delivery is currently not possible due to closure," he said.
Jewelers are also offering a price lock as gold rules around Rs 48,000 per 10 grams, and it will increase further as stocks dwindle due to the absence of imports due to the lock.
Kalyan Jewelers President and CEO T S Kalyanaraman said this year's sales cannot be compared to regular sales during Akshaya Tritiya.
Unlike in recent years, Kalyan Jewelers does not have a full Akshaya Tritiya campaign this year, he said.
"In the past 25 odd years, Akshaya Tritiya has always been dedicated to buying gold in the showroom. However, this year, due to a change in the status quo with the closure, we have released the & # 39; Certificate of Gold Property & # 39; to maintain the annual gold the buying tradition continues ", he added.
However, considering the limited time since Kalyan Jeweler's Akshaya Tritiya offering was announced and given the current circumstances, the company expects to record approximately 10 percent of its regular Akshaya Tritiya sales this year, it said.
"We expect a 97-98 percent decrease in business this year on the day of the festival compared to last year," he added.
He said jewelers have come up with innovative offers to attract customers for digital purchases, including price blocking, gold property certificates, among others.
"Any physical delivery or purchase will happen after closing. We expect the industry to gradually return to normal with extremely slow May and June. We expect demand to increase during Diwali," he added.
Akshaya Tritiya, also known as Akha Teej, is an annual spring festival considered auspicious in many regions (especially in the south and west) to start new businesses, weddings, expensive investments like gold.
PNG Jewelers President and CEO Saurabh Gadgil said that for the first time, buying gold at Akshaya Tritiya will be completely online.
"Participation will not be like last year and jewelers are doing business offering electronic coupons, electronic certificates as physical purchase and delivery is currently not possible due to closure," he said.
Jewelers are also offering a price lock as gold rules around Rs 48,000 per 10 grams, and it will increase further as stocks dwindle due to the absence of imports due to the lock.
Kalyan Jewelers President and CEO T S Kalyanaraman said this year's sales cannot be compared to regular sales during Akshaya Tritiya.
Unlike in recent years, Kalyan Jewelers does not have a full Akshaya Tritiya campaign this year, he said.
"In the past 25 odd years, Akshaya Tritiya has always been dedicated to buying gold in the showroom. However, this year, due to a change in the status quo with the closure, we have released the & # 39; Certificate of Gold Property & # 39; to maintain the annual gold the buying tradition continues ", he added.
However, considering the limited time since Kalyan Jeweler's Akshaya Tritiya offering was announced and given the current circumstances, the company expects to record approximately 10 percent of its regular Akshaya Tritiya sales this year, it said.
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