Akshaya Tritiya, one of India’s most important occasions for buying gold, witnessed softer demand this year as record-high prices made jewellery purchases costlier for families. Jewellers across the country reported a noticeable drop in volumes, with industry estimates suggesting demand fell by nearly 30% compared to last year.
Even though fewer people bought gold in larger quantities, many customers still visited stores to maintain the tradition of making a purchase on the auspicious day. Instead of heavy ornaments and bridal sets, buyers chose rings, earrings, pendants, coins and lightweight jewellery that better suited their budgets.
Gold prices have surged sharply over the past year, making it difficult for many middle-class households to buy as much as they usually would during the festival. As a result, symbolic purchases became more common, with customers preferring smaller items rather than postponing the tradition completely.
Jewellers said footfall remained healthy in many cities, but average billing patterns changed. Shoppers were more cautious, comparing designs and prices before making decisions. Many also exchanged old jewellery for new pieces to reduce costs.
In Chennai and other southern markets, demand remained relatively steady but buyers were clearly price-sensitive. Some traders also pointed to election-season concerns, saying customers were cautious about carrying large amounts of cash or expensive purchases due to increased monitoring and seizure fears.
At the same time, younger customers showed growing interest in digital gold and other modern investment options. Instead of buying physical jewellery, some investors preferred small-ticket digital purchases that can be accumulated over time. Silver coins and ornaments also attracted attention as a lower-cost alternative.
Despite lower volumes, the total value of festive sales remained strong because gold prices are near historic highs. Industry estimates suggested combined gold and silver trade during Akshaya Tritiya could still remain robust, supported by the high value of each purchase.
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