Gold Rush-Akshay Tritiya
Cash flow normalising, the buyers thronged to buy gold and jewellery on the Akshay Tritiya,
reports Kavita Parab.
Akshay Tritiya is considered to be the most auspicious day to buy gold, after Dhanteras. Considering the Indian’s appetite for gold and jewellery, jewellers across the country expect robust sales on this day. Last few months, since demonetization have not been good for the Indian gems and jewellery industry as jewellery sales have been affected. However, normalcy in the markets is back with cash flow stabilising. According to reports, more than 85 per cent of the cash has been brought back into the market, thanks to the pro-active government.
We, at Indian Jeweller, spoke to a number of jewellery retailers prior to Akshay Tritiya and all of them were expecting major sales this year. Post Akshay Tritiya, as we went back checkin the sales, majority of the retailers were happy with the sales. According to industry estimates, this year, the gold and jewellery sales was over 30 per cent. “This was one of the best Akshay Tritiya sales in the last few years. It’s a good sign for the industry,” said Saurabh Gadgil, MD, PNG Jewellers.
While Jitender Jain, CEO, Entice, said “Akshaya Tritiya is a very sacred occasion when buying anything precious is considered auspicious. It is dominated with gold jewellery purchases but with time we have seen a shift towards diamond jewellery gold is the base metal used in diamond jewellery. As diamond jewellery’s popularity has long surpassed that of plain gold jewellery, we are hoping for good sales on the day.” Jewellers in metro cities, especially in Mumbai and Delhi witnessed healthy footfall at their stores on the auspicious day. A lot of them estimated that the overall sales in value and volume terms was more than 30 per cent. Stronger rupee and probable price rise post GST implementation helped boost demand this Akshay Tritiya.
Gold prices rose by Rs. 30 to Rs. 29,480 per 10 grams at the Delhi bullion market. In Mumbai, gold prices shot up by Rs. 120 per 10 grams, as per industry reports.
There was an array of offers prior to Akshay Tritiya to attract more customers. Talking about the discounts and offers, Ahammed MP, Chairman, Malabar Gold & Diamonds said “Malabar Gold & Diamonds is all set to welcome their customers on Akshaya Tritiya day with sufficient inventory in gold and diamond jewellery and gold coins. Widest collection of Akshaya Tritiya jewellery in traditional gold, diamond, uncut diamond and precious stones at special prices are specially laid out for the occasion across our 85 showroom in India. In order to avoid the rush on Akshaya Tritiya day customers can book their jewellery in advance and enjoy the special offers including free silver, discounts on making charges, gifts etc. Moreover 5 per cent cash back on SBI credit/debit card purchases from April 22nd to 29 will be an added advantage for the customers. we also have an exclusive collection of jewellery that are recreation of ornaments in the epic eras such as Gupta, Mughal and Vijayanagara dynasty, Colonial and 20th century with a contemporary touch for Akshaya Tritiya season.”
Even Bombay Stock Exchange (BSE) had extended trading hours till 7pm on April 28, for gold exchange traded funds (ETFs) and sovereign gold bond on account of Akshay Tritiya