According to the World Gold Council’s (WCG) report related to gold sales on Akshaya Tritiya festival on April 27 - an auspicious day according to Hindu calendar – the sales dropped by 8 percent this year as against the year before figures. But, speaking in value terms, the demand for gold increased by 14 percent to Rs 7,280 crore vis-à-vis its 6,359 crore value last year.

Nonetheless, the 45 tonnes of gold sold on the day, in comparison to 48.9 tonnes sold last year, surpassed the expectations of most jewelers and trade bodies, even though the Rs 14,700 per 10 gram gold price this year was 24.57 percent more than last year’s price on this day.  

Commenting on the gold sales on Akshaya Tritiya, WGC Managing Director for Indian subcontinent, Ajay Mitra, said: “The sales have been very positive for gold. In value terms, the growth has been impressive in spite of the price increase of 25 percent. Large and established players selling hallmarked jewellery have performed better than the market.”

While a few jewelers grumbled that the gold sales this Akshaya Tritiya were 20-40 percent lower than last year’s sales, the WGC reported higher sales - which it said indicated good demand – along with also noting that the festival was observed for two days last year!