Youngsters preferring diamonds over gold, silver
However, this trend has not affected the sale of gold
Pune: City jewellers are expecting an increase of 15-20 per cent in the sale of gold this year on the occasion of Akshaya Tritiya on April 18 - a day that many Hindus consider auspicious for performing any major work or purchase. However, they have observed that the younger generation, often accompanying the elders in the family while shopping jewellery, prefer diamonds more than gold or silver.
With jewellery stores giving exciting offers on diamond jewellery, it has attracted the young crowd.
Rahul Kadam, IT professional, buying diamond jewellery at PN Gadgil Jewellers on Laxmi Road, said, “Diamonds attract us more than the yellow metal which is why I am interested in buying diamond over gold.”
Akshita and Sanjay Jain expressed their love for diamonds while Akshita’s mother-in-law prefers buying gold. “For us buying gold has become an old fashion,” said Akshita.
For Abhijeet Gokhale, shopping at Ranka Jewellers, buying diamonds is a sign of high status, which is why it is being given preference.
Jewellers are happy that buying ornaments is seeing an upward trend this year mainly against the backdrop of positive market sentiments, stable prices and ongoing wedding season.
Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers and Director of Indian Bullion Jewellers Association, said, “This year’s Akshaya Tritiya seems to be poised to bring in a decent influx of customers across the board. We are expecting a 5 -10 per cent increase in sales this year.”
Noticing an upward trend in diamond purchasing, Shailesh Ranka, Director of Ranka Group told Sakal Times there has been an improvement in the sales from last one week and the people are pre-booking the orders in huge numbers. He also said there is a slowdown in demand for the high-end niche jewellery.
Shailesh Phulphagar, Regional Manager of Pune division of PN Gadgil said that while rates have increased from last year, the sale was not good then. “The sale was not well last year, as the nation saw demonetisation and shift from local body tax to Goods and Services Tax (GST). The sale of diamonds has improved from the last two years as the craze is also high.”
“The ongoing marriage season will help increase the sales as demand for trendy items and wedding jewellery will be more than diamond jewellery,” said Nitin Ashtekar, owner of Ashtekar Jewellers.