Monday July 23, 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

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Akshaya Tritiya. Photo credit: UdayaVani
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“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)

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  • Pragya Jha

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

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Shankaracharya: A remarkable genius that Hinduism produced (Book Review)

The irony is that most leading scientists, particularly outside India but also within, have little knowledge of the structure of Shankara's philosophy and the transparent interface it has with scientific discoveries today.

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He was greatly influenced by three basic texts of Hindu philosophy: Upanishads, the Brahma Sutra and the Bhagavad Gita
He was greatly influenced by three basic texts of Hindu philosophy: Upanishads, the Brahma Sutra and the Bhagavad Gita.

Title: Adi Shankaracharya: Hinduism’s Greatest Thinker; Author: Pavan K. Varma; Publisher: Tranquebar Press; Pages: 364; Price: Rs 699

This must be one of the greatest tributes ever paid to Shankaracharya, the quintessential “paramarthachintakh”, who wished to search for the ultimate truths behind the mysteries of the universe. His genius lay in building a complete and original philosophical edifice upon the foundational wisdom of the Upanishads.

A gifted writer, Pavan Varma, diplomat-turned-politician and author of several books including one on Lord Krishna, takes us through Shankara’s short but eventful span of life during which, from having been born in what is present-day Kerala, he made unparalleled contributions to Hindu religion that encompassed the entire country. Hinduism has not seen a thinker of his calibre and one with such indefatigable energy, before or since.

Shankara’s real contribution was to cull out a rigorous system of philosophy that was based on the essential thrust of Upanishadic thought but without being constrained by its unstructured presentation and contradictory meanderings.

He was greatly influenced by three basic texts of Hindu philosophy: Upanishads, the Brahma Sutra and the Bhagavad Gita. He wrote extensive and definitive commentaries on each of them. Of course, the importance he gave to the Mother Goddess, in the form of Shakti or Devi, can be traced to his own attachment to his mother whom he left when he set off, at a young age, in search of a guru and higher learning.

The irony is that most leading scientists, particularly outside India but also within, have little knowledge of the structure of Shankara's philosophy and the transparent interface it has with scientific discoveries today.
Shankara wrote hymns in praise of many deities but his personal preference was the worship of the Mother Goddess.

Against all odds, Shankara created institutions for the preservation and propagation of Vedantic philosophy. He established “mathas” with the specific aim of creating institutions that would develop and project the Advaita doctrine. He spoke against both caste discriminations and social inequality, at a time when large sections of conservative Hindu opinion thought otherwise.

Shankara was both the absolutist Vedantin, uncompromising in his belief in the non-dual Brahman, and a great synthesiser, willing to assimilate within his theoretical canvas several key elements of other schools of philosophy. He revived and restored Hinduism both as a philosophy and a religion that appealed to its followers.

Also Read: Hinduism: The Nine Basic Beliefs that you need to know

Varma rightly says that it must have required great courage of conviction as well as deep spiritual and philosophical insight for Shankaracharya to build on the insights of the Upanishads a structure of thought, over a millennium ago, that saw the universe and our own lives within it with a clairvoyance that is being so amazingly endorsed by science today. The irony is that most leading scientists, particularly outside India but also within, have little knowledge of the structure of Shankara’s philosophy and the transparent interface it has with scientific discoveries today.

Shankara wrote hymns in praise of many deities but his personal preference was the worship of the Mother Goddess. The added value of the book is that it has, in English, a great deal of Shankara’s writings. Unfortunately, most Hindus today are often largely uninformed about the remarkable philosophical foundations of their religion. They are, the author points out, deliberately choosing the shell for the great treasure that lies within. This is indeed a rich book. (IANS)