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Wednesday, 7th May 2008 (3564 views)

Sales of gold jewellery on Akshaya Tritiya day in India could rise by as much as 40 per cent compared to last year, according to reports.

Newspaper the Economic Times says many Indian jewellers are expecting a "whopping" increase on last year's gold sales for the Hindu festival, which totalled approximately 780 tonnes.

The majority of gold sales are expected to be concentrated in the south of the country, the publication adds, although one-quarter of all purchases are set to take place in the northern regions.

According to the newspaper, industry experts believe the rise in sales throughout India is down to the growing popularity of the Akshaya Tritiya festival, as well as higher average disposable incomes.

New collections from jewellery houses such as Tanishq, Alukkas and Malabar Gold are also thought to be attracting customers.

Tanishq's vice-president of marketing V Govindraj said: "Sales on the festive day alone are likely to contribute five per cent to our annual sales."

He added that many people buy gold on the day for weddings, while others take the traditional view that buying gold on Akshaya Tritiya will bring lasting prosperity.

Akshaya Tritiya is celebrated on May 7th and May 8th in countries including India, Nepal, Sri Lanka, South Africa and Singapore.

 

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