Jewellers to sweeten deals ahead of Akshaya Tritiya as gold surges

New collections, lightweight designs, and discounts on making charges are among the offers jewellers are using to lure customers amid soaring gold prices ahead of Akshaya Tritiya.

- Suneera Tandon

India, the world's largest consumer of gold jewellery, witnesses a big jump in gold buying around this time of the year due to festivals like Ugadi and Gudi Padwa, leading up to Akshaya Tritiya on 30 April. Hindus see buying the yellow metal on Akshaya Tritiya as a symbol of prosperity.

However, this year, gold prices have surged close to the psychological mark of ₹1 lakh per 10g. On 17 April, the spot prices soared to an all-time high of ₹97,310 per 10g for 24 carat and ₹89,200 per 10g for 22 carat over renewed geopolitical concerns and a weakening US dollar.

High gold prices often result in customers exchanging old gold instead of buying new to preserve wealth.

"Old gold exchange has gone up by 30-35% versus two years ago," said Suvankar Sen, managing director and chief executive, Senco Gold Ltd, which operates 171 stores across the country.