Mr Saiyam Mehra, Chairman of All India Gem and Jewellery Domestic Council (GJC), said, “Gold prices have risen by Rs 600-700 per 10 grams today. Consumers in the south Indian jewellery stores have lined up to purchase gold amid expectations of a further rise in gold prices. Millennials are buying light weight jewellery items. A large number of consumers have been seen buying heavy wedding sets to store jewellery items before gold prices rise further. Those interested in investment buying are seen purchasing gold coins and bars weighing 1gm to 1kg, depending upon their risk appetite. We anticipated today morning a 5-10% volume-wise decline in gold purchases due to a sudden price rise, but we can see an increase now. South Indian markets account for 30-40% jewellery sales on the occasion of Akshaya Tritiya, while east, west and north contribute 20% each. Consumers have been booking jewellery in advance for the last 10 days. We estimate 20-22 tonnes of gold delivery in just one day of Akshaya Tritiya this year.”
