BHUBANESWAR: Gold sales on Sunday, which marked the celebration of Akshaya Tritiya, were down by 35 per cent in Twin City.
Blame it on the hike in rates of the precious yellow metal, both 22-carat and 24-carat. Jewellers across the cities said although people continued to purchase both light and heavyweight jewellery items on the day, which is considered auspicious to buy precious metal or start something new, gold sales were comparatively less than in the last two years. This is despite the fact that jewellers offered heavy discounts on making charges and other value-added incentives to woo buyers.
On Sunday, the price of 24 carat (10 gram) was Rs 61,080 and 22 carat (10 gram) Rs 55,750. Last year, while 22 carat jewellery sold at Rs 48,200 per 10 gram, the cost of 24 carat was Rs 51,500 per 10 gram. In 2021 when gold sales had picked up post-pandemic, the price was Rs 49,500 per 10 gram and in 2020, the price of the yellow metal was hovering over Rs 50,000 per 10 gram.
Sridhar Epari of Epari Sadashiv Jewellers said during the pandemic there was a slump in gold sales but when markets opened after that, there was an almost 30 to 40 per cent rise in the sales in 2021 and 2022. President of Odisha Jewellers Association Sourav Roy said since the prices have increased, the quantity of gold sold this time was less by 30 to 35 per cent.
“The exact amount of gold sold can only be known on Monday,” he said. There are around 300 shops in Twin City under the association. Lightweight jewellery and gold coins sold the most while silver sold in larger quantities. People bought silver coins, chains, anklets and ‘jhuntia’ with 10 gram of the metal priced at Rs 804.