Jewellery industry heading for 2nd consecutive sales washout on Akshaya Tritiya

| | Mumbai
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Jewellery industry heading for 2nd consecutive sales washout on Akshaya Tritiya

Wednesday, 12 May 2021 | PTI | Mumbai

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.

“The second wave of the pandemic is turning out to be much worse than last year with huge loss of life across the country. This has created an overall negative consumer sentiment. With almost 90 per cent of the states under lockdowns to curb the infections, retail jewellery stores are closed and no delivery is allowed. So, we are expecting a near washout of this Akshaya Tritiya as well,” All-India Gems & Jewellery Domestic Council (GJC) chairman Ashish Pethe told PTI.

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