Purchases of valuables including bullion on Akshaya Tritiya, which falls on Friday this year, are considered to bring luck and prosperity by the nation’s majority Hindu population.
“Unfortunately about 80% of the country is in a lockdown and sales will be impacted again this year,” said Ashish Pethe, chairman of the All India Gem and Jewellery Domestic Council.
“With the evolving on-ground situation and individual concerns, the overall sentiment in India is not favorable with customers hesitating to step out of their homes,” Ramesh Kalyanaraman, executive director at Kalyan Jewellers India Ltd.
Still, unlike last year, people are now more comfortable shopping online for gold, Pethe said.