Akshaya Tritiya Gold Sales Drop 30% in Tamil Nadu Despite Price Surge
Gold sales during Akshaya Tritiya in Tamil Nadu have witnessed a significant 30% decline this year, according to jewellery traders. Despite the festive rush, rising gold prices have impacted overall purchase volumes across the state.
Traditionally, Akshaya Tritiya is considered an auspicious occasion for buying gold and silver. This year, the festival was observed over two days, with nearly 35,000 jewellery shops opening early to cater to customers. In Chennai, major shopping hubs like T. Nagar, Purasawalkam, and Parrys saw good footfall, but actual buying remained lower compared to last year.
Key Highlights:
- Gold sales dropped by 30% compared to last year
- Tamil Nadu sales estimated at around ₹10,000 crore
- Last year’s sales were between ₹14,000–₹15,000 crore
- Gold prices have increased by nearly 60%, impacting demand
However, despite the drop in volume, the overall sales value increased by 20–25%, mainly due to the sharp rise in gold prices.
Across India, Akshaya Tritiya gold sales were estimated at around ₹20,000 crore last year, and traders note that high prices continue to influence consumer behavior.
Market Insight:
The trend reflects a shift where customers are buying less quantity but at higher prices, leading to reduced volume but stable or slightly increased revenue.
