Akshaya Tritiya 2022: Gold and jewellery sales hit 15k crore after two years of Covid slump

Akshaya Tritiya 2022: Gold and jewellery sales hit 15k crore after two years of Covid slump

Akshaya Tritiya is considered to be a very auspicious day in India

Pankaj Arora, national President of All India Jewellers and Goldsmith Federation, the apex organization of jewellery trade of the country claimed jewellers and gold shops had a roaring business with all time high prices of Rs 53,000 per 10 grams of gold and Rs 66,600 per kg of silver which three years ago in 2019 was Rs 32,700 per 10 gram gold Rs 38,350 per kg of silver.

“The business during Akshaya Tritiya festival in lockdown for two consecutive years faced a massive fall down which broke the backbone of the jewellery business of the country but now in the current year, the bullion trade of the country has recovered from the corona pandemic with lot of enthusiasm seen amongst Indians in gold markets across the country”, Pankaj Arora said.

Akshaya Tritiya is considered to be a very auspicious day in India and buying gold and silver on this day brings prosperity in home and business which is big business for bullion traders. According to mythological beliefs, on this day Lord Shiva blessed Lord Kubera to be a god of treasure and Goddess Lakshmi to be the goddess of wealth.

Akshaya Tritiya 2022: Gold and jewellery sales hit 15k crore after two years of Covid slump
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Confederation of All India Traders (CAIT) National President BC Bhartia informed that in the first quarter of 2021, 39.3 tonnes of gold was imported into India in the form of gold bars and coins, whereas in the first quarter of 2022 it was increased to 41.3 tonnes, while the import of gold jewellery in the first quarter of 2021 was 126.5 tonnes which remained only 94.2 tonnes in the first quarter of 2022 reflecting the increasing trend of Indians investing in gold bars and coins.

While in 2019, gold worth Rs 10 thousand crore was sold across the country on Akshaya Tritiya however the sale slumped in 2020 due to COVID induced lockdown and the sale of gold recorded was about Rs 500 crores.

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