Monday February 18, 2019

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

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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 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)

  • 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

Westerners Adopt Indian Practices, Deny Giving Due Credits

There is an argument by some Hindu liberals thinking “what the problem in it”? They think our knowledge is globalized by West in the same way we consume inventions of the West. But it’s a very naïve argument.

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Its time Indians in general and Hindus in particular should be vigilant and should have an academic mind set to respond to such misadventures to protect our own heritage and Dharma. Hindu Council Of Australia

By Shashi Holla (WA) and Surinder Jain

Colonial or a white supremacy mind set may be clever enough to adopt Hindu practices but denies giving credit where it is due. Stealing Hindu Intellectual Property, they do not hesitate to rename and repackage so that they can sell it back to India for immense profits. Off course, they will leave no chance to tell Indians to stop their superstitious ways and to adopt the new scientific knowledge which “they” have “invented”.

Following has been already digested or appropriated by West. Some of the Western academics don’t believe that they belong to India.

Yoga Nidra   AS  Lucid Dreaming

Nadi Shodhana AS Alternate Nostrils Breathing

Vipassana  AS Mindfulness.

The latest addition to this list is

Pranamyam AS Cardiac Coherence Breathing

Several researchers have reported that pranayama techniques are beneficial in treating a range of stress-related disorders.[29] But the latest attempt has taken the appropriation too far. An American magazine “Scientific American” in its article titled “Proper Breathing Brings Better health” termed “Pranayama” as cardiac coherence breathing. (15 January 2019). The article gives us an idea about how West is so sophisticated in stealing knowledge from ancient cultures particularly Hinduism.

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Man doing Yoga. Wikimedia Commons

Prāṇāyāma is mentioned in verse 4.29 of the Bhagavad Gītā.[11] According to Bhagavad-Gītā As It Is, prāṇāyāma is translated to “trance induced by stopping all breathing”, also being made from the two separate Sanskrit words, prāṇa and āyām.[12] Pranayama is the fourth “limb” of the eight limbs of Ashtanga Yoga mentioned in verse 2.29 in the Yoga Sutras of Patanjali.[14][15] Patanjali, a Hindu Rishi, discusses his specific approach to pranayama in verses 2.49 through 2.51, and devotes verses 2.52 and 2.53 to explaining the benefits of the practice.[16] Many yoga teachers advise that pranayama should be part of an overall practice that includes the other limbs of Patanjali’s Raja Yoga teachings, especially Yama, Niyama, and Asana.[18]

“Pranayama” a department of Yogic science practiced and documented 5000 years back ( even 15,000 years back) by Rishis is not even acknowledged by the author of the article. If one read the article they vaguely suggest that breathing exercises also existed in China, Hindu and in Greek culture.  This is how appropriation of ancient techniques takes place by West.  As Sankrat Sanu an entrepreneur, researcher and writer put it in his tweet “after erasing the origin they claim it as their own invention, attack original traditions as Superstition”.

As famous Indian American Author Rajiv Malhotra summarizes: “The article standardizes cardiac coherence breathing as Chinese, Hindu, Greek and various traditions as equal origins, and then modern West turns it into science”. Its time Indians in general and Hindus in particular should be vigilant and should have an academic mind set to respond to such misadventures to  protect our own heritage and Dharma.

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The article standardizes cardiac coherence breathing as Chinese, Hindu, Greek and various traditions as equal origins, and then modern West turns it into science”.  Pixabay

There is an argument by some Hindu liberals thinking “what the problem in it”? They think our knowledge is globalized by West in the same way we consume inventions of the West. But it’s a very naïve argument. West has created an eco system and mechanism in which their knowledge system is Well protected and patented by international norms. Unless West does not give a new name and fits into their framework native wisdom is not recognized in academia and media. Whereas Hindus were generous in sharing their health techniques freely from millennium never thought they will struggle in proving things which belong to them. In fact in a westernized framework of Yoga and other techniques Indian scholars, insiders and practitioners are blatantly ignored. So our own knowledge will be repackaged and exported back to us at an extra price and conditions.

Also Read: Climate Change Will Melt Vast Parts of Himalayas: Study

Many of our practices are being called to be Biofeedback systems. According to WikipediaBiofeedback systems have been known in India and some other countries for millennia. Ancient Hindu practices like yoga and Pranayama (breathing techniques) are essentially biofeedback methods. Many yogis and sadhus have been known to exercise control over their physiological processes. In addition to recent research on Yoga, Paul Brunton, the British writer who travelled extensively in India, has written about many cases he has witnessed. (Hindu Council Of Australia)