Akshaya Tritiya may not see a gold rush

"Our children have moved to Canada and don't want to wear such heavy jewellery anymore. It's just lying in bank lockers," says a 55-year-old woman selling her pieces.

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Shri Ram Hari Ram jewellers reports a 25 per cent rise in such sales.

"While our overall sales are down by 50 per cent, we are seeing a distinct rise in customers selling jewellery. Traditionally, this happened only in dire straits -- but that's no longer the case," says Mahesh Chand Gupta, proprietor of the store, founded in 1789.

Zaveri Bazaar, Mumbai

In the narrow bylanes of the chaotic Zaveri Bazaar, the story remains the same. Its streets hum with activity, but the wedding season isn't drawing the usual crowds. Walk-ins are mostly from loyal customers; wedding shoppers are mostly exchanging old gold.

At U T Zaveri & Sons, Sobha Mehta is seen trading old jewellery for new designs for her daughter's wedding.

"I don't like exchanging old jewellery. But with gold prices so high, I have no choice but to sell the old to buy the new," she says.