Buyers started trickling in from the morning to various jewellery shops across the country on Monday to usher in good luck in their lives on the occasion of Akshaya Tritiya. Jewellers expect tepid surge in sales as the gold price has shot up in the last few weeks following global cues.
“I am expecting only 10-12 percent sales growth in value terms and not in volume terms as prices have shot up quite a bit in the last two months, and today it is hovering over Rs.30,000 per 10 grams in the national capital,” P.C. Jeweller managing director Balram Garg
He mentioned that the price of the yellow metal was around Rs.26,000 per 10 grams only two months back. But as the price of the precious yellow metal has gone up in the international market it has shot up in India as well.
Akshaya Tritiya is a holy day for Hindus and the Jains and it is believed to bring good luck and success. It is considered to be an auspicious day to bring home gold.
“We expect gold sales to pick up by around 20 percent on Akshaya Tritiya this year. The only concern is the higher price of gold. Last year on the auspicious day, the price was in the range of Rs.27,000 per 10 gm of 24 karat gold, while this year, it is over Rs.30,300. Consumers are expected to buy lesser quantity of gold due to higher prices,” Bachhraj Bamalwa, past chairman All India Gem and Jewellery Federation.
“Gold coin sales today is brisk. Sales of five gram gold coins (price Rs.16,625 taxes extra) are good today while the 10 grams coins (Rs.32,935) are fine. The 20 gram coin (Rs.64,710) sales is bit slow owing to the price. It is our customers who largely buy the gold coins. Weekly our sales average around 150 grams,” an Indian Overseas Bank official at the bank’s Cathedral Road branch
“Last year on Akshaya Tritiya, jewellers reported more than 20 percent growth in sales over the previous year. This year, the market has been on a disturbing phase following a 45 day strike. It will be good enough if the gold sales trend follows the last year’s trend given the higher price of gold we have on Monday,’ Suvro Chandra, joint managing director, P.C. Chandra Jewellers.