Wednesday December 12, 2018

Akshaya Tritiya gold sales affected by high prices

Akshaya Tritiya is a holy day for Hindus and the Jains. It is believed to bring good luck and success and is considered an auspicious day to bring home gold

1
//
Akshaya Tritiya. Photo credit: UdayaVani
Republish
Reprint

“So far we have seen 10 percent sales growth in value terms. But in volume terms it is flattish as gold prices have shot up quite a bit in the last two months, and today it is hovering over Rs.30,000 per 10 grams in the national capital,” P.C. Jeweller managing director Balram Garg told IANS in Delhi.

He mentioned that the price of the yellow metal was around Rs.26,000 per 10 grams only two months ago. But as the price of the precious yellow metal has gone up in the international market it has shot up in India as well.

Last year on Akshaya Tritiya, the gold price was in the range of Rs.27,000 per 10 gm of 24 karat gold, while this year, it is over Rs.30,300.

“This year for a change we are seeing more sales of jewellery and not coins on Akshaya Tritiya,” Garg added.

Akshaya Tritiya is a holy day for Hindus and the Jains. It is believed to bring good luck and success and is considered an auspicious day to bring home gold.

“Indians mark Akshaya Tritiya as an occasion to purchase gold and the initial feedback from the trade is an increase in demand, where both wedding jewellery as well as investment products, like coins and bars, have done well. We believe consumer sentiment towards gold as a savings instrument remains positive and the long term fundamentals of the gold market remain intact,” said Somasundaram P.R., managing director, India, World Gold Council.

“Compared to last year Akshaya Tritiya, this year sales are down by 30-40 percent. The reason mainly seems to be election and the checking of the vehicles by the flying squads of the election commission. Sales of jewellery are high as compared to the coins,” Jayantilal Challani, president of the Madras Jewellers and Diamond Merchants Association told IANS.

The Tamil Nadu assembly elections are on May 16.

Diptesh Dey, a store manager at M.P. Jewellers in Kolkata told IANS: “Buoyed by discounting offer, jewellers are experiencing around 10-15 percent growth in gold sales. But jewellers and customers both are confused with a fluctuating nature of the gold price. Customers are reluctant to revise their budget according to higher prevailing prices.”

“We have seen a steady footfall in the stores throughout the day but due to high price, buying level is relatively less.We have not noticed any extraordinary buying spree. By and large, sales are expected to touch the growth of around 20 percent what it achieved last year,” Subir Sen, B.C. Sen Jewellers told IANS in Kolkata.

“We have been witnessing a steady surge in sales during Akshaya Tritiya each year. Customer response has been remarkable over the last few days with sales peaking on the day of Akshaya Tritiya. There has been a strong shift in jewellery buying behaviour as more and more people are now exploring the online channel as a trustworthy option for fine jewellery,” online portal Bluestone.com’s chief operating officer Arvind Singhal told IANS.

Sahil Chhabira, director – operations, I Love Diamonds in Bengaluru, said the consumer sentiment in 2016 has been low owing to the mandatory PAN Card number submission for purchases beyond Rs.2 lakh.

“We are seeing that people are switching over to small ticket purchases and rushing to online portals as they get to access a wider variety unlike visiting a retail jewellery store. Our latest feature on the website ‘Pickup At Store’ has been well accepted by the audience, we have seen quite a few bookings online and the deliveries are scheduled to happen at our Trust Stores on Akshaya Tritiya,” Chhabria told IANS. (IANS)

Click here for reuse options!
Copyright 2016 NewsGram

  • Pragya Jha

    Akshaya Tritiya is a holy day for hindus and jains. It is also called as Akkha teej (in Gujrat and Rajasthan).

Next Story

Puja for The Spiritualism, Not for Vulgar Entertainment

The westerners practicing Hinduism have learned a pretty well from our "scriptures" and are becoming more spiritual while we just locked up those "holy books" only in the drawers of the altar. Thus we only love to shake our “butts to the boom-boom of Bollywood”.. right in front of the Gods' idols !!!

0
Hinduism
he westerners practicing Hinduism have learned a pretty well from our "scriptures"

By Salil Gewali

Any auspicious days in Hinduism are expected to be observed with a complete purity of action and thought. The same holds true for other religions too. As per the Hindu scriptures, the believers are required to stay away from any kind of sense gratifications, particularly when the specific days are dedicated to Gods and Goddess such as Navratri, Laxmi Puja, Krishna Janmashtami, Shivaratri, to name a few. The pathway to devotion and spiritualism should not be “desecrated” by the blot of the brazen entertainment. The scriptures logically explain why it is antithetical, and its adverse consequences.

Hindusim
Incidentally, the Bhagavad Gita describes such situation as the rise of “tamasic vibes”.

 But, what a huge irony, rather a blasphemy that many people these days have started to choose the auspicious days of Gods to satisfy their base senses. Without a wee bit of regret, a certain class of people holds almost every auspicious day as the most “unmissable” occasion to booze with the friends, and what not, and stagger back home, lol! Such bizarre practices are fast catching now than ever.  Sadly, hardly any conscious people and spiritual organizations stand up and take the right measures to check such godless deviations.

What is quite unpleasant is that such a kind of unholy practices are often being facilitated by certain “Hindu intuitions” as well. On this past Laxmi Puja, the “propitious time” to perform the ritual had fallen between 6 PM to 7:53 PM. Yours truly decided to use that span of time for meditation. But hell broke loose. Apart from fireworks around, the Bollywood songs in high decibel burst forth from a certain Hindu institution quite frustrated the mission.

Hindusim
Sadhu Sanga Retreat, 2016

 One senior citizen laments – “Nothing could be irreligious than the fact that a favorable time for “puja” is also being used for the wrongful purposes. We rather expect the “Hindu institutions” to teach our children Bhajan, Kirtan, and other spiritual activities, not the loud and feverish parties and disturb others.”

Another college student adds “Having been much disturbed by the noise pollution, I have persuaded my parents to shift our place of residence to elsewhere, not at least near holy places with an unholy mission. I have started to see such institutions with the eyes of suspicion these says.” Is it that our institutions are unable to use their “discretion”, and as a result, they fail to differentiate between right and wrong?  One is deeply apprehensive that Bollywood songs and vulgar dances might as well be included as a part of the “puja ritual” as we have long accepted the fun of fireworks bursting as an integral part of Laxmi Puja which in fact is just an entrenched “misconception”.

Hinduism
Hinduism is expected to be observed with a complete purity of action

Needless to say, our roar for consumerism has almost drowned the whisper of inherent spiritualism. We are only just sending out the wrong messages. I’m afraid, the whole culture itself might be looked down with derision by other faiths. It might just become a subject of ridicule! It is no exaggeration, such negative notions against the “wrong practices” are all what we often read these days in several newspapers and social media. Do we want others to demean our profound spiritual heritage thus?  I believe it calls for a serious soul-searching.

Incidentally, the Bhagavad Gita describes such situation as the rise of “tamasic vibes”.  It warns in the strongest terms that mankind should absolutely be careful not to fall under the influence of any short-lived sense gratifications. Or else, our endeavor to “practice and preserve” the sanctity of a religion/spiritualism will be a futile exercise.

However, on the other hand, the westerners practicing Hinduism have learned a pretty well from our “scriptures” and are becoming more spiritual while we just locked up those “holy books” only in a drawer of the altar. Thus we only love to shake our “butts to the boom-boom of Bollywood”.. right in front of the Gods’ idols !!!

Salil Gewali is a well-known writer and author of ‘Great minds on India’.

Twitter:@SGewali.