Akshaya Tritiya: Mixed response on sale of gold

BANGALORE: According to sources, sales at jewellery shops across the city hit rock bottom, on Akshaya Tritiya this year. Meanwhile, the Karnataka Jewellery Association claims to have generated

Published: 26th April 2012 02:48 AM  |   Last Updated: 16th May 2012 07:45 PM   |  A+A-

BANGALORE: According to sources, sales at jewellery shops across the city hit rock bottom, on Akshaya Tritiya this year. Meanwhile, the Karnataka Jewellery Association claims to have generated business worth Rs 3,000 crore, double the sales recorded last year.

“This year, we have recorded business worth Rs 3,000 crore. We have sold over 650 kg of gold in two days of Akshaya Tritiya. In 2010, we sold 290 kg of gold and in 2011, we sold 350 kg. This year as Akshaya Tritiya was on Tuesday and it is considered to be auspicious to Goddess Lakshmi, the sales were high,” said Sharavana, president of Karnataka Jewellery Association.

However, many jewellers said that the markets did not pick up business even on the auspicious day.

“Not many people purchased gold this year. It has already been a tough year with prices of basic commodities increasing. We have hit rock bottom in sales this year,” said a jeweller.

Meanwhile, many shops in the city recorded increasing demand for gold coins, but low sale of jewellery.

“Our gold coins were sold in early part of the day. There was more demand and less supply. We were content with that, but we were hoping for better ornament sales,” said another jeweller.With the stock market fluctuating through the day, customers across the city believed that gold was the best investment. “Maybe this year gold for the first time was not the safest investment. Today a lot of customers decide according to market conditions, rather than deep rooted sentiments and cultural imbibes,” said Ganesh, a market expert.

Girish Shah, a banker said that he did not to buy gold this Akshaya Tritiya because of fluctuating prices. “Instead I’m planning to invest on land. That would be much better instead of investing in gold this year as the prices are up. Maybe they will come down next year,” he added.

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