Commodities

Jewellers witness robust sales on ‘Akshaya Tritiya’

PTI Mumbai | Updated on May 11, 2011 Published on May 09, 2011

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Sales of gold and diamond jewellery surged by up to 40 per cent on ‘Akshaya Tritiya’ as compared to last year.

“We have received positive feedback from across the country. The business was much better than last year and the sentiment was quite positive,” World Gold Council Head (Marketing and Development) Ms Madhumita Dutta told PTI. She said there were reports of boost in sales of both coins and jewellery.

“The decline of gold prices on Akshaya Tritiya also added a little to the rise in sales, however, it was not the major force behind it,” she said.

Echoing the view, the All India Gems and Jewellery Trade Federation Chairman Mr Bachhraj Bamalwa said this year the sales were much higher and even unconventional markets like the eastern region also did good business on Akshaya Tritiya.

“According to reports, the overall business surged by 35-40 per cent pan-India, while in volume it went up by 20 per cent,” he said, adding that business was a little less in the North, witnessing just about 30 per cent growth from last year.

Decline in gold prices by over Rs 200 for 10 grams mainly helped in the growth in sales in the unconventional markets, he said.

Gold prices declined to Rs 21,785 for 10 grams on Akshaya Tritiya from Rs 22,010 in Mumbai on May 5, following weak global cues.

Jewellery brands like Gitanjali Group witnessed a positive growth in jewellery business, both in gold as well as diamond.

“Our total sales went up by 38 per cent to Rs 125 crore, compared to Rs 98 crore on the same day last year,” Gitanjali Group Chairman Mr Mehul Choksi said, adding, the business continued to be robust the next two days (Saturday and Sunday). Kolkata-based jewellery retailer Shree Ganesh Jewellery House witnessed 40 per cent growth in sales.

“We did robust business in our stores in Gujarat, South India and Kolkata,” its Head (Sales and Operation) Mr Sujit Kumar said.

Meanwhile, banks like Kotak Mahindra Bank, which offered gold coins in denominations like 5 grams, 8 grams, 20 grams, 50 grams and 100 grams, also witnessed robust sales.

“We saw a 43.58 per cent jump in sales and sold 56 kgs worth gold coins on Akshaya Tritiya compared to 39 kgs on the same day last year,” Kotak Mahindra Bank’s Executive Vice President Mr Puneet Kapoor said.

The bank sold 126 kgs worth coins in the entire week, he said adding that the rise in sales was mainly due to the positive sentiments and the decline in prices did not have much impact on them.

Published on May 09, 2011
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