Gold Glitters on Akshaya Tritiya Despite Price Surge

Posted by Nilesh Waghela

Mumbai: Indians flocked to buy gold and silver on the auspicious occasion of Akshaya Tritiya on Wednesday, defying record-high prices and reaffirming the country’s deep-rooted affinity for the precious metal. Industry estimates suggest gold sales surged by 35% in value terms compared to last year, despite only marginal volume growth.

Experts noted that demand for gold in India has remained consistently strong despite rising prices in recent years, with annual imports of the metal ranging between 700 and 800 tonnes — underlining India’s status as the world’s largest gold consumer. 

The All India Gem and Jewellery Domestic Council (GJC) reported steady buying momentum, particularly in South India during the first half of the day. Activity was expected to pick up in Maharashtra and northern states later, as consumers braved intense summer heat to make traditional purchases.

Gold prices hovered between ₹99,500 and ₹99,900 per 10 grams across the country — a sharp 37.6% rise from ₹72,300 recorded during Akshaya Tritiya in 2024. Despite the steep climb, GJC Chairman Rajesh Rokde said buyers who had previously held back due to volatility were now returning to the market as prices had stabilized from earlier peaks.

“We expect gold sales to hold steady at around 20 tonnes in volume, but in value terms, we anticipate a 35% increase over last year,” Rokede said, noting increased participation from younger consumers aged 25-40.

Jewellery purchases were driven by both tradition and necessity, with a mix of coins, bars, and ornamental items being sought based on individual budgets. World Gold Council India's official acknowledged the impact of high prices on affordability, but said the festive spirit and cultural sentiment continued to drive demand.“Consumers will buy gold on Akshaya Tritiya. It’s tradition, and that sentiment remains strong,” he said.

One of the lading Jeweller observed robust consumer interest in gold, silver, and diamond jewellery, with nearly half of all purchases being facilitated through old gold exchanges. “Volume growth may see a minor dip of 8–9%, but value-wise we expect a 20–25% increase, which shows the market’s resilience,” he said.

Studded jewellery and lab-grown diamonds also saw increased traction, reflecting evolving consumer preferences, said another jeweller.

All India Jewellers and Goldsmith Federation spoke person estimated that about 12 tonnes of gold and 400 tonnes of silver were sold on the day, amounting to business worth around ₹16,000 crore.

📊 Akshaya Tritiya 2025: Gold Sales Snapshot

• Total Gold Sold: 12 tonnes

• Value of Gold Sold: ₹12,000 crore

• Price per 10 grams: ₹99,500 – ₹99,900

• Year-on-Year Price Increase: 37.6% (from ₹72,300 in 2024)

• Value Growth Compared to Last Year: 35%​