Akshaya Tritiya adds sheen to jewellery sales in Visakhapatnam

After three years of COVID-19 slump, the jewellery market in Visakhapatnam has finally witnessing growth on the occasion of Akshaya Tritiya.

After three years of COVID-19 slump, the jewellery market in Visakhapatnam has finally witnessing growth on the occasion of Akshaya Tritiya.

Since the spring festival was split into two days this year, April 22 and April 23, nearly ₹20 crore to ₹25 crore worth of jewellery business was recorded per day in the city from Friday, according to the retailers.

“We have registered good business on Ugadi and now Akshaya Tritiya. This is the highest sales since the lockdown began in March 2020. Our business on this festival is four to five times bigger than that in normal days,” said J. Raghunath, General Manager, Vaibhav Jewellers, Visakhapatnam.

Mavuri Venkata Ramana, owner of CMR Group, said, this year the price of 10 gram of gold has increased by ₹7,000 to ₹8,000 compared to last year.

Pre-COVID days business is back, he added.

The price of 22 karat gold per 10 gram was ₹55,750 on Saturday at 5.40 p.m., while 24 karat gold was priced at ₹59,860. Mr. Raghunath said that since 2018, the number of customers visiting the jewellery retail shops in the city has been steadily decreasing. He said that expansion of retail shops in semi-urban areas and villages is one of the main reasons.

“Customers from villages have reduced by 20-25% in the jewellery shops in Visakhapatnam, while 80% from small towns like Chodavaram in Anakapalli, and 5% from bigger towns like Vizianagaram,” Mr. Raghunath said.