Gold jewellers expect big sale this Akshaya Tritiya

Last Updated: Thu, May 02, 2019 18:24 hrs
A woman tries on a gold ring inside a jewellery showroom on the occasion of Akshaya Tritiya in Ahmedabad

Ahmedabad: Despite a steep increase in gold prices, jewellers in Gujarat seem ready to welcome buyers in large numbers this Akshya Tritiya as they have purchased 183 per cent more yellow metal in April.

Akshya Tritiya, which falls on May 7, is considered auspicious for purchasing gold.

"Jewellers made large-scale purchases of gold when prices declined in April and have stocked up for the sale on Akshaya Tritiya," said Jigar Soni, Vice-President of the Jewellers' Association of Ahmedabad.

"The reason for the large-scale import of gold is the positive expectation of jewellers about a good sale on the day of Akshaya Tritiya," said Gems and Jewellery Council President Shanti Patel.

Jewellers are optimistic that the market will pick up after suffering low demand due to high gold prices as well as the general elections. The price of 10 gm of 24-carat gold was Rs 32,800, including GST (goods and services tax), on Wednesday.

Patel said demand for gold was low because of the model code of conduct being in force in Gujarat till April 23, when polling took place in the state.

The jewellers in Ahmedabad believe sales could be good on the day given the high number of inquiries from potential customers, who could be seen exploring shops as it is also going to be a wedding season.

Akshya Tritiya is also considered an auspicious day for solemenising marriages.

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