MMTC Ltd expects its gold jewellery and silver sales to double to Rs 30 crore during the Akshaya Tritiya festival.
Amid downtrend in gold prices, state-run MMTC Ltd on Saturday said it expects its gold jewellery and silver sales to double to Rs 30 crore during a five-day exhibition organised to mark the Akshaya Tritiya festival.
"Due to significant fall in gold prices, we expect total sales during Akshaya Tritiya festival to touch Rs 30 crore," MMTC general manager precious metal division Ashwini Kapoor said on the sidelines of the launch of exhibition-cum-sale of gold jewellery that started here on Saturday.
The PSU had seen a sale of Rs 14 crore during the gold sale festival organised during last year Akshaya Tritiya feastival, he said. Akshaya Tritiya is on May 13 and is considered to be an auspicious day for buying precious metals in Hindu culture.
Kapoor said that the likely increase in sales this year would be because of sharp decline in gold prices, which is currently ruling at Rs 27,400 per 10 grams as against Rs 32,000 in the year-ago period.
The exhibition-cum-sale of gold, which is opened for five days from Saturday will showcase traditional and modern jewellery designs from different states. MMTC said the quality of gold and diamonds will be certified with BIS Hallmark.