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Gold sales to rise 25 percent on Akshaya Tritiya
Gold
sales to rise 25 percent on Akshaya Tritiya
Mumbai//Chennai/Bengaluru/Kolkata, April 21 :To usher in good luck in their lives on the
occasion of Akshaya Tritiya, buyers have already started trickling in at
various jewellery shops on Tuesday and retailers expect sales to be higher by
25 percent over a usual day.
Akshaya Tritiya is a holy day for Hindus and Jains, and is believed to bring
good luck and success in whatever endeavour one undertakes on this day. It is
considered to be auspicious to bring home gold on this day.
"We have been hard-selling Akshaya Tritiya for a week as many customers
prefer to buy their favourite ornaments ahead of the auspicious day to avoid
crowd and last-minute rush," Deepak Jain of Dhanalakshmi Jewellers in
Bengaluru told IANS.
Many customers, however, will collect the ordered ornaments on Tuesday.
Pankaj Parekh, vice-chairman of Gems & Jewellery Export Promotion Council,
told IANS that sales are expected to be higher across the country as in March
the import of yellow metal was on the higher side.
According to reports, India's gold imports more than doubled to 125 tonnes in
March from 60 tonnes in the same period a year ago.
"More than belief, it's a sentiment among the Hindus to buy gold and
silver ornaments on this day for personal use or gift them to their near and
dear as a means of blessing or to wish them prosperity through the year,"
Jain said.
"More and more people are now buying gold on Akshaya Tritiya day in
Chennai which is a good sign for the industry," Jayantilal Challani,
president of the Madras Jewellers and Diamond Merchants Association, told IANS.
"This year there are a couple of positive points for the trade to expect
at least 15 percent sales growth as compared to last year's Akshaya Tritiya.
The gold prices have come down this year. There is a difference of around
Rs.2,200 per sovereign this year as compared to last year's price,"
Challani added.
In the national capital, gold price was hovering around Rs.27,000 per 10 grams
on Tuesday. "We expect normal sales today (Tuesday) as people are not very
confident of the price. In the past six to eight months, price has varied
between Rs.26,000-Rs.27,000 per 10 grams. People will again start buying if
prices fall sharply or rise," Rahul Gupta, director of P.P. Jewellers in
Delhi, told IANS.
He said that gold price has hovered around Rs.26,000 per 10 grams for quite
some time and now it will only go up.
"Secondly, more shops have come up here which has led to the expectation
that there would be newer jewellery designs. This year jewellery shops are not
offering free pick-up and drop facilities unlike in 2014. Some jewellers offer
free silver articles equal to the weight of gold purchased," Challani
added.
Leading gold and jewellery showrooms in Bengaluru, including Navarathan,
Bheema, Lalithaa, Titan, Krishnaiah Chetty, Gitanjali Jewels, D'damas,
Joyalukkas and Nakshatra, are all luring customers with attractive discounts
and freebies.
"We are offering 20 percent discount on purchase of gold items between
Rs.10,000 and Rs.50,000 and 25 percent discount on purchase of Rs.50,000 and
above," a sales executive of Gitanjali Jewels told IANS.
With diamonds becoming popular among the upwardly mobile and youth, many retail
outlets selling the sparkling rocks are offering free gold coins of 2-5gm or
25g silver coin or item for purchase of one carat diamond.
Jewellers reported brisk sale in gold jewellery in Mumbai on the auspicious
occasion of Akshaya Tritiya.
"Pure gold biscuits are priced at Rs.27,999 per 10 grams while 22 carat
gold jewellery is going at Rs.26,500. By noon, our members have reported very
encouraging trends as sales continue to be brisk," Mumbai Jewellers
Federation President Rakesh Shetty said.
He said the preference was for small gold jewellery like rings, earrings and
chains, with some opting for bangles and heavy chains, too, and occasional pure
gold biscuits also being sold.
"Prices are stable for the past 10 days at Rs.26,950 for 24 carat variety.
We expect very good sales this time, compared to last time when prices had gone
up to Rs.30,000-Rs.31,000," Prayas Dugar, director, Indian Gem and
Jewellery Creation, told IANS.
"This year, there can be an increase on volume by 15 to 20 percent on
account of Akshay Tritiya and we are expecting good demand on the jewellery
segment, rather than gold and silver coins. People are focusing more on fancy
and ornamental jewellery rather than the traditional ones," he added.