Sunday March 25, 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

Akshaya Tritiya. Photo credit: UdayaVani

“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’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

Right of Nature: Are Rivers Living Beings?

Should rivers be considered Living Entities?

Right of Nature
Many cultures across the globe believe that rivers are living beings or Gods/Goddesses and they just take the form of water bodies.

By Dr. Bharti Raizada, Chicago

Science says that water bodies are not living entities, as water does not need food, does not grow, and reproduce. Water is required for life, but in itself it is nonliving.

However, many cultures across the globe believe that rivers are living beings or Gods/Goddesses and they just take the form of water bodies.

The Maori tribe in New Zealand considers the Whanganui River as their ancestor and the Maori people fought to get it a legal status as a living being. In 2017, a court in New Zealand gave this river the status of living being and same rights as humans, to protect it from pollution. Thus, now if someone pollutes in it then it is considered equivalent to harming a human.

ALSO READ: Worshiping mother nature part of our tradition: Prime Minister Narendra Modi

Right of Nature
Rivers are sacred in many religions, including Hinduism. Image courtesy: Dr. Bharti Raizada

Rivers are sacred in Hinduism also. Hindus believe that the Ganga descended from heaven and call her Ganga Maa. A few days after New Zealand’s court decision, Uttarakhand high court in India gave the Ganga and Yamuna rivers and their tributaries the status of living human entities. The Court-appointed three officials as legal custodians. However, the court did not clarify many aspects related to this decision.

After this verdict some of the questions, which naturally came to mind, were:

Can Hindus still do rituals of flowing ashes, leaves, flowers, diyas in river or no? Can a dam be built on the river after this judgment? If some damage, to a person, animal, plants, or property, occurs because of river e.g. overflow, hurricanes, flooding etc., how the river will pay the liabilities? What if all rivers, oceans, ponds etc. are given the status of living beings? Will drinking water from river become a crime? What about taking water and using it for routine needs,  agriculture or building structures? Will it be illegal? If a child throws a stone in water, will it be a criminal act? Will fishing be considered stealing? What about boating? If someone is using heat near water and water evaporates, is it equal to taking the body part of a human being? What about taking a bath in the river?

Right of Nature
If the river gets a living status, as human, then we cannot use it for anything without its permission, so everyone has to stop touching the water. Image courtesy: Dr. Bharti Raizada

ALSO READ: Decoding supernatural: What is the nature of entities and gods who influence human behavior

Other queries, which arise, are:

Will animals and plants get the same status? What if you kill an ant or a chicken etc. or cut a tree? Will all animals and plants get a legal custodian?

Where is all the waste supposed to go? It has to go somewhere back in nature, right?

Uttrakhand state government challenged the judgement in Supreme Court and the latter reversed the judgment.

Right of Nature
So where do we stand? In my opinion, granting living status to nature is a different thing than giving protected status or preserving nature. Image by Dr. Bharti Raizada

ALSO READ: How nature destroys the negative tendencies in a positive manner

Ecuador’s constitution recognized the Right of Nature to exist, specifically Vilcabamba river, in 2008.

Then Bolivia passed the law of the right of mother earth and granted Nature equal rights as humans.

Many communities in the U.S.A. passed the Right of Nature law.

These laws are creating a dilemma or quandary also, as people need to use these resources. We cannot live without using natural resources. However, there is a difference between using natural resources and afflicting or destroying these. So, please use natural resources very diligently. Try not to vitiate nature.

On World Water Day (March 22), please start taking care of rivers, so that there is no need for future celebrations. It should not be a one-day celebration anyway, we should scrupulously look out for nature all the time.

Dr. Raizada is a practicing anesthesiologist.