South Indian jewellers such as Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers experienced robust demand during this year’s Akshay Tritiya, celebrated on May 10th.
Malabar Gold and Diamonds witnessed a remarkable achievement this Akshaya Tritiya, selling gold jewellery worth INR 1361 crore, marking a 39 percent increase in sales over last year. Chairman of the Malabar Group, MP Ahammed, emphasized that this surge in sales reflects the enduring allure of gold among consumers and underscores the company’s position as a responsible jeweller.
“The company exclusively sources responsibly mined gold and diamonds from legitimate channels, ensuring no compromise on purity during the transformation into exquisite jewellery. Upholding ethical, transparent, and professional business standards, the brand remains steadfast in its commitment to responsible jewellery practices,” he emphasized.
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In its latest business update to BSE and NSE, Kalyan Jewellers highlighted ongoing strong momentum in both foot traffic and revenue since the start of the current fiscal year. This trend persisted through Akshaya Tritiya, with significant foot traffic observed from existing and new customers across all markets in India and the Middle East, leading to substantial growth in retail revenue across gold and studded segments.
“We’ve monitored revenue for the initial 40 days of the ongoing quarter to ensure a comparable analysis, considering the variance in Akshaya Tritiya timing between the current and previous fiscal years. Despite this shift, we’ve observed early double-digit growth in same-store-sales (SSSG) during the first 40 days, compared to the corresponding period last year. Moreover, within this quarter, we’ve inaugurated 10 Kalyan showrooms and 7 Candere showrooms in India, bringing the total number of showrooms across India and the Middle East to 270 as of May 10, 2024,” stated the company.
“The surge in gold prices throughout April initially dampened jewellery demand and influenced diverse customer sentiments. Nonetheless, as gold prices stabilized in recent weeks, we’ve observed a resurgence in customer optimism, notably evident in the final days leading up to Akshaya Tritiya purchases. Across our 19 stores in Karnataka, Tamil Nadu, and Andhra Pradesh, we’ve experienced a sales growth of over 50% compared to last year, reaffirming our dedication to delivering unmatched value to our customers,” remarked Vishnusharan Bhatt, Managing Director of Bhima Gold.
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