Home » Candere, other diamond jewellery players expect 25% increase in Akshaya Tritiya sales, ET Retail

Candere, other diamond jewellery players expect 25% increase in Akshaya Tritiya sales, ET Retail

by TopBusinessView


New Delhi: With the celebration of Eid and Akshaya Tritiya on Saturday, jewellery players expect a surge in their sales. Akshaya Tritiya is considered an auspicious day when people buy gold and valuable metals.

Expecting a 25 per cent increase in sales, Rupesh Jain, founder and CEO of Candere by Kalyan Jewellers said, “With rise in gold prices the demand has also surged. The younger generation consumers are spending more in diamond and the lightweight category considering it allows collections for all occasions and small celebrations.”

On the increasing demand in the category, Jain said, “We are experiencing a change in approach from the older age groups in terms of purchasing diamond jewellery and having a preference towards the category.”

On a similar note, Eshwar Surana, managing director of Raj Diamonds said, “We are also increasingly seeing preference for larger diamonds with an excellent cut grade that are masterfully crafted and precisely cut to create maximum sparkle and brilliance.”

The jewellery firm hopes that there will be a 20-25 percent growth in value terms over last year and will surpass its sales expectations.

Surana expects a good traction in high value diamond studded and wedding jewellery as there are a lot of weddings planned this summer. “We are also witnessing a paradigm shift in buying behavior among consumers and the demand for quality diamonds has already been very strong in the run-up to Akshaya Tritiya,” he added.

Reiterating the rise in current gold rates, Jain shared that the demand has witnessed a slight jump in gold category however, the platinum category is maturing with each passing year. Candere has observed a high-ticket value for the platinum category in the recent times, he said.

Sharing expectations on Akshay Tritiya sales, MP Ahammed, chairman of Malabar Group said, “The higher gold price may create a dent in the discretionary purchase this time. Nevertheless, we expect healthy growth.”

As economic activities are back on track, Ahammed expects a strong investment and consumption-led consumer demand for gold this Akshaya Tritiya and this will definitely enhance the business prospect.

  • Published On Apr 22, 2023 at 08:35 AM IST

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