Wooing buyers on Akshaya Tritiya

Published on April 21, 2015 08:10:10 AM
: City jewelers are and going all out to woo buyers this Akshaya Tritiya on Tuesday, even as economists have suggested that the removal of import duty on gold by the GoI would bring down prices of gold significantly in the next one week.

Jewelers have lined up customised services like booking time slots, providing advance booking facilities for gold purchases on the day and also offering discounts on wastage and making charges.

Legend has it that any venture initiated on the auspicious day of Akshaya Tritiya continues to grow and bring prosperity. Akshaya Tritiya is considered auspicious for starting new ventures as it is the birthday of Lord Parasurama, who is the sixth incarnation of Lord Vishnu. On this day, Veda Vyas and Lord Ganesha are said to have begun writing the epic Mahabharata. 

A businessman from the Old City, Ravi Agarwal, said, "The day of Akshaya Tritiya in India has been traditionally considered very auspicious for purchasing gold, silver, ornaments, precious stones, real estate and other long term assets. I have been buying gold on this special occasion for years and it has always been good for business and growth and development of all investments.”

Director of All India Gem and Jewelry Trade Federation and President for Pot Market Jewelers Association Mohanlal Jain, said, "We are expecting a lot of people on the day and we are looking at jewelry exhibitions where we can sell. The fluctuation in prices of gold depends on the central government’s policy and we have requested the finance ministry to reduce the import duty fee by 10 per cent.”

A city-based gold shop owner Niteesh Jain said, "The prices have been stable for quite some time, which we expect will be a boost for jewelry sales during this Akshaya Tritiya. The price of gold is around Rs 27,000, which is supported by global fundamentals. We are nearly expecting a 20 per cent growth in sales in general items like rings and coins, among others and bridal jewelry with the marriage season still round the corner. We will be offering various schemes and provide facilities to make gold buying easier and beneficial for customers.”

A city-based gold trader I Anjaneyulu said, "Indians in general invest a lot in gold and especially on Akshaya Tritiya. Gold in the international market is Rs 26,000 per 10 gm now and it may go down to Rs 22,000, but I strongly believe it will pick up after some time. Earlier, we used to invest only on physical gold but now we are going into the electronic gold market. On the special day, I feel the sales of gold are going to be high, irrespective of the cost because of the wedding season still round the corner.”

Going by the intense lighting and floral decorations at hundreds of jewelry stores across the city, it is evident that jewelers are determined to make Akshaya Tritiya an event more happening than Deepavali. But, footfalls at these stores on Tuesday would determine the truth behind all the glitz surrounding Akshaya Tritiya.