Jewellers bank on Akshya Tritya to boost sales

Our Bureau Mumbai | Updated on March 12, 2018 Published on April 10, 2012


Jewellers expect demand to perk up this month due to the wedding season and Akshya Tritya falling on April 24. Some of them have launched new schemes that promise to cushion the impact of rise in gold prices. Gold jewellery sales last month was impacted by the 21-day strike called by jewellers to protest against Government levies.

Riddhi Siddhi Bullion, one of the largest wholesale precious metal suppliers, has launched a Web site through which it will offer gold, silver and platinum in coins and bars. RSBL will sell precious metals at wholesale price which will be five per cent cheaper compared to that of banks and retailers. Mr Sameer Shah, Vice-President, RSBL, said platinum is being sold in coin form for the first time to provide an option for customers.

“Gold prices have appreciated to about Rs 28,600 per 10 grams on Tuesday, against the average price of Rs 22,000 recorded in April last year — an increase of 30 per cent,” he added. RSBL, which provides bullion delivery in the spot, forward and futures markets, has annual sales of $5 billion.

Gitanjali Group has launched a monthly saving scheme — Swarna Mangal for gold jewellery and — Shagun for diamond jewellery. The saving plan ranges from Rs 1,000-40,000 a month and can be for one to three years. Gold equivalent to the amount invested will be credited to the buyers' account. This can be redeemed for 22k gold jewellery. The scheme also offers a 30 per cent discount on making charges. As an incentive, Gitanjali will pay last two instalments at the end of the scheme. Mr Mehul Choksi, Chairman and Managing Director, Gitanjali Gems, said he expects huge orders from the corporate sector.


Published on April 10, 2012
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