Gold prices this year are higher than last year, and the goods and services tax is an additional burden for consumers
The government has not given any concrete assurance on the rollback of excise duty.
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
Gold is currently ruling at Rs 30,050 per 10 grams.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
Celebs follow a template for their special day -- an intimate ceremony with few people and a keen eye for a touch of luxury in every aspect.
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