On the eve of Akshaya Tritiya, jewellers on Tuesday said they are expecting a 5 to 15 per cent increase in sale of gold and diamond jewellery as compared to last year. Expecting the price of gold to increase in the coming days, customers may look forward to buying gold on the festive occasion, sellers claim. According to sellers, the demand to book jewellery in the past three-four days was relatively less. “Generally, we see a huge demand in gold jewellery before the festival. Given the present economic uncertainties in the United States (US), the position of dollar has been weak. There has been a significant increase in gold prices which may have also discouraged customers from pre-booking the jewellery,” Raman Solanki, owner of Sangham Jewels and gold shop in Zaveri Bazaar said.
On Tuesday, the price of gold was Rs 31,000 for ten grams. Sellers claim that as the market is buoyant the price of gold may increase in the coming days. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers and Director, Indian Bullion Jewellers Association said, “This year’s Akshaya Tritiya seems to be poised to bring in a decent influx of customers across the board. Given the global political and economic uncertainties of US-China trade tensions, there has been a bullish outlook on price. There has already been a regular flow of advance orders for the auspicious day, however, we are not expecting that heavy a rush to purchase gold this Akshaya Tritiya as we have seen in the past, but we are expecting balanced and decent buying. All these factors are in favor of a decent Akshaya Tritiya. We are expecting a 5-10 per cent increase in sales from last year.”
Sellers claim that price of gold may increase to Rs 35,000 per ten grams by next week. “This year, Akshaya Tritiya arrived couple of weeks earlier than last year and there has been a 15 per cent rise in gold prices in this period. We expect a marginal rise of about 5 per cent in sales volume this year during Akshaya Tritiya,” said Suvankar Sen, ED, Senco Gold and Diamonds. TS Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers, said, “At Kalyan Jewellers, we have launched the pre-booking programme, through which customers can select and place their jewellery orders in advance, and simply pick it up on April 18, thus avoiding the rush and long wait. While many big ticket wedding buyers would time their purchases to match the auspicious Akshaya Tritiya, others make small token purchases in the light weight section.”
Many jewellers are offering attractive discounts to induce buyers to purchase gold. Customers are more likely to purchase gold in lesser quantities as compared to their regular amount, due to the increase prices. “Since the past ten years, I have managed to buy gold each year for my personal use and family. Looking at the gold price, I may purchase a coin of smaller weight but refrain from spending too much. I may purchase a kitchen requirement like a refrigerator or washing machine instead,” Purna Kambale, homemaker and a resident of Chembur said.