Mumbai: Post pandemic, people flock to jewellers markets, repose faith in gold on Akshaya Tritiya

The rush to buy gold on Akshaya Tritiya day on Tuesday has put a smile on the faces of jewellers who have been left high and dry over the last two years due to Covid-19.

On the auspicious day of Akshaya Tritiya, the jewellers of Mumbai's famous Zaveri Bazaar are beaming. The market is thriving again after a two-year hiatus due to the Covid-19 pandemic, with throngs of buyers flocking to jewellery stores. And, with the wedding season still going on for another month and a half and no Covid restrictions in place, jewellers are anticipating a busy season.

Kumar Jain, national spokesperson for the India Bullion and Jeweller's Association, told India Today that now that the pandemic has passed, the market is regaining its lost glory.

"Many people have not gone gold shopping in the last two years, and as a result, they saved a lot of money. However, people are once again flocking to invest in gold," Kumar Jain said.

Jain is also pleased that the wedding season and the number of weddings planned have boosted the market's morale.

"At least 10 lakh marriages are scheduled in Maharashtra alone until July 15, which is a very good indicator. During the wedding season, at least 40 lakh people are expected to get married in the country. We anticipate selling around 32 tonnes of gold, resulting in a revenue of approximately Rs 1,500 crores. So this is great news for all of us, and we are overjoyed," he said.

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He added that a large percentage of current buyers are millennials (generation born from 1981 to 1996) who recognise the value of gold as a long-term investment.