“Indians mark Akshaya Tritiya as an occasion to purchase gold and the initial feedback from the trade is an increase in demand, where both wedding jewellery as well as investment products, like coins and bars, have done well”.
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Akshaya Tritiya, considered an auspicious day to buy gold, is likely to be lacklustre this time as jewellers are expecting negative to marginal growth compared to a year ago, on the back of rising gold prices, which is ruling at over Rs 30,000 per 10 grams.
PC Chandra Jewellers: PC Chandra Jewellers is offering a chance to win gold or cash this Akshaya Tritiya.
Brokerage SMC Securities expects Akshaya Tritiya to give some boost to gold jewellery demand in India, which plummeted by 56 per cent year-on-year in the first quarter of 2016, the lowest in eight years. He said that the business is seeing a positive growth for the last two years and a six-time growth is expected during this time of the year, compared to the previous year.
“There will be buying as people will purchase a token small ticket size jewellery or coin for the festival and they will hesitate to go for heavy pieces due to high prices”, he said.
“We don’t expect the price to deter demand”.
E-retailers are betting big time on Akshaya Tritiya, the auspicious day for buying precious metals.
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Assembly polls in Tamil Nadu and Puducherry will be held on May 16. However, some online retailers are optimistic on gold sales today. Among them, majority have suggested that the customers need to visit the reputed jeweler to ensure the purity if the gold as well as to check the BIS hallmark which is necessary for the present days as cheating has been more in gold selling. 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 told IANS in Kolkata.
