E-tailers see gold, diamonds boosting sales on Akshaya Tritiya

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Mumbai, May 8: Online retailers including Amazon and Bluestone are betting big on gold and diamond sales and expect a big boost to their business on 'Akshaya Tritiya', considered as auspicious day for buying precious metals.

"Compared to last year, we see over six times growth in sales in our Akshaya Tritiya offerings. In terms of traffic, we have grown over 100 per cent compared to last year," Amazon Fashion Category Leader Mayank Shivam told PTI here.

gOLD

The demand is likely to be more for 22 carat jewellery -- especially plain gold chains and necklaces, he said.

"This is apart from the gold bullion sale, which is obviously top selling at this time," he added.

Echoing similar view, online jeweller Bluestone.com COO Arvind Singhai said that business is growing since last two years, and the company expects the sales to jump by six times during Akshaya Tritiya this year as compared to last year.

"This year during the festival we are expecting the demand for gold coins, diamond pendants and earrings," he added.

He also said that he sees no slowdown in demand despite volatility in gold price as the festival of Akshaya Tritiya is considered auspicious for buying precious metals. However, he said high prices may affect the volumes but the value will grow.

Caratlane.com Vice President Vipin Nair said, "We are expecting a really good turnout this year. Besides gold, we see a lot of movement in diamond jewellery as well." Akshaya Tritiya is falling on Monday.

PTI

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