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eTailers Upbeat On Akshay Tritiya; Will Consumers Oblige? Online retailers including Amazon and Bluestone are betting big on gold and diamond sales this year

By Ritu Kochar

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This year Akshaya Tritiya has brought a lot more with it along with auspiciousness.

Falling on Monday, i.e. today, the festival is a holy day for Hindus and Jains. A day considered auspicious for starting new ventures and buying precious metals, online retailers including Amazon and Bluestone are betting big on gold and diamond sales this year. These firms are expecting a big boost in their sales of gold and diamond specially.

"Compared to last year, we see over six times growth in sales in our Akshaya Tritiya offerings. In terms of traffic, we have grown over 100 per cent compared to last year," Amazon Fashion Category Leader Mayank Shivam said to PTI.

Shivam added that the demand is likely to be more for 22 carat jewellery- especially plain gold chains and necklaces. This is however apart from the gold bullion sale which is top selling at the time.

Online jeweller COO Arvind Singhai shared a similar view in this regard stating that the business has grown in the last two years. The company expects the sales to jump by six times during Akshaya Tritiya this year as compared to last year.

"This year during the festival we are expecting the demand for gold coins, diamond pendants and earrings," he added.

He also said that he sees no slowdown in demand despite volatility in gold price as the festival of Akshaya Tritiya is considered auspicious for buying precious metals. Vice President Vipin Nair said, "We are expecting a really good turnout this year. Besides gold, we see a lot of movement in diamond jewellery as well."

Festivals like Akshaya Tritiya and Dhanteras increase the sale of items such as gold and diamonds in the country. However, the high prices remain a factor which can affect the volume. Despite all this, the value of these precious metals will definitely see an increase.

Ritu Kochar

Former Staff, Entrepreneur India

Ritu used to work as a Feature writer for Entrepreneur India.
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