Jewellers are expecting a 20-25 per cent increase in sales this season
Last year, the gold sales were around 25-30 tonnes, this year gold is around Rs 27,000 per ten grams
Mumbai: Gold sales during this Akshaya Tritiya, which falls on April 21, considered an auspicious period to buy gold, are expected to be the same as last year according to Prithviraj Kothari, managing director, Riddhi Siddhi Bullion Limited. Last year, the gold sales were around 25-30 tonnes. “This year gold is around Rs 27,000 per ten grams so we expect good sales on the scale of last year,” he said.
Citing reasons for this, Mr Kothari said this year there are only two auspices days for marriages in April and one or two in May. After that there are no auspicious days till January 2016. “The dates are very restricted,” he added. Besides, there is a liquidity crisis and sentiment in the commodity markets is down as prices have been falling.
Interestingly, Andhra Pradesh, a big jewellery market, is witnessing the Godavari Pushkara, a Kumbh Mela and as it is considered inauspicious, it is said that these areas not be performing marriages till February 2016.
However jewellers seem divided on the offtake of gold. Some jewellers are expecting a 20-25 per cent increase in sales this season. “The prices have been stable for quite some time, which we expect will be a boost for jewellery sales,” Manubhai Jewellers director, Samir Sagar said.
( Source : dc correspondent with agency inputs )
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