Akshaya Tritya: All that shines isn’t gold

This Akshaya Tritiya gold seems to be losing its shine. Increase in gold prices has impacted demand for gold jewellery. “There is a 25% decline in demand for gold jewellery over the past year,” said Surendra Mehta, national secretary, Indian Bullion and Jewellers Association (IBJA). Experts believe the low demand is likely to impact Akshaya Tritya, a day many consider auspicious to buy gold. The fact that pre-booking for gold jewellery has not yet started also indicates a lack of demand. “The pre-booking for Akshaya Tritya has not started yet. Generally, it begins two weeks before the Hindu auspicious day,” said Ashish Pethe, partner, Waman Hari Pethe Jewellers, a Mumbai-based jewellery store.

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