Colombo Gold jewellery sales remains sluggish during ‘Akshaya Tritiya’ season

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This year’s Akshaya Tritiya sales remained dull, stated jewellers at Sea Street, the main gold jewellery hub of Colombo. Akshaya Tritiya is an auspicious day to buy gold, according to some Hindus. This year, Akshaya Tritiya fell on 3 May.

“We had good sales during the 2018 Akshaya Tritiya. After that, for the past three years, we didn’t have a proper Akshaya Tritiya sale. Business was affected in 2019 due to the Easter Sunday attack, while in 2020 and 2021 Akshaya Tritiya fell on days when the country was under Covid lockdown. In 2022, the sales were only around 40% when compared to the 2018 Akshaya Tritiya day. The main reason for the drop in sales is due to the current economic crises and related events in the country,” Stated a Gold jewellery retail shop owner in Sea Street, Colombo.

During times of economic crises, inflation and currency depreciation, people buy gold as a hedge against inflation and as a protection against depreciating currency. However, the retail gold jewellery sales have still remained low this season as people’s buying power has came down drastically.

By Rajiesh Seetharam