Gitanjali expects gold sales to double on Akshay Tritiya

Gitanjali expects gold sales to double on Akshay Tritiya

New Delhi: Leading jewellery brand Gitanjali Group on Friday said it expects gold coin and jewellery sales to double to Rs50 crore on the auspicious day of Akshay Tritiya.

“We made business of Rs25 crore from 40 stores on Akshay Tritiya last year. This year, sales are likely to touched Rs50 crore as number of stores have increased to 65 and gold prices have also risen," Gitanjali Jewels Ltd managing director Santosh Srivastav told reporters here.

The company on Friday launched one kg gold coins to capitalize the growing demand of gold coins on Akshay Tritiya, a day which is considered as one of the most auspicious days in the Hindu calendar for buying gold.

“Last year, we saw demand for gold coins of higher weight. So, we decided to offer 1 kg gold coins this year," Srivastav said.

The company aims to sell at least 100 coins of 1 kg gold across the country on Friday, he added.

Srivastav further said the company is working on a marketing strategy to increase its presence in South India, where demand for branded gold jewellery is picking up.

Currently, Gitanji Group has 65 retail outlets with maximum presence in North and Western parts of the country. Going forward, it plans to establish 30 more outlets by the year-end, he added.

The share of the company was trading lower at Rs262.80 at 02:50 pm on the Bombay Stock Exchange (BSE).