After a lull of two years, the jewellery shops witnessed a heavy rush on Akshaya Tritiya on Tuesday.
It is considered auspicious to buy gold on this occasion. Despite the stifling heat, people flocked in large numbers to jewellery shops to make token purchases of gold.
The market wore a festive look with stores receiving a steady flow of customers. The rush brought back smiles to the faces of jewellers, who had witnessed low sales in the last two years. Many stores offered buyers attractive discounts in the run-up to the occasion.
There are around 1,000 gold, silver and jewellery shops in Vijayawada. Across the State, there are about 50,000 small jewellery shops with daily sales running into a few thousand crores. Shops usually maintain stocks ranging from ₹10 lakh to ₹1 crore which further go up during the wedding season and occasions like Akshaya Tritiya as demand shoots up.
“The sales are encouraging this year. There were a lot of pre-orders and spot purchases this time. The physical demand for gold is going up.,” said Krishna, a jewellery shop owner. Sales are gradually growing after two years of COVID-related disruptions,” he said.
