Hyderabad: With the soaring gold prices, this Akshaya Tritiya, despite jewellery traders enticing customers with discounts on gold, demand for silver is on the rise in the city, stated a few jewellery traders.

They pointed out that gold prices have reached about Rs 1 lakh rupees per 10 gm on Tuesday, while the cost of 10 gm of silver was Rs 1,120.

Members of the Telangana Gold and Silver Jewellery Association stated that due to the rise in the price of gold, customers are preferring lightweight gold jewellery then the heavier ones. This festive season, several jewellery shops have come out with various options to attract customers, including exchanging old jewellery with new. But because of the high gold prices, sales of gold are down, and silver is in huge demand.

“With gold rates reaching an all-time high this year, we are seeing a shift to silver, as consumers are preferring silver articles,” said Anvesh Agarwal of Oro Jewels.

“There has been a tradition of purchasing precious metals during Akshaya Tritiya, but this year there has been a decline in gold sales and rise in sales of silver,” said a staff of New DM Jewellers, Secunderabad.