500kg gold jewellery seen selling in Guj on Akshay Tritiya
Traders in Gujarat said that gold sales remained brisk on the auspicious occasion of 'Akshay Tritiya', notwithstanding the surge in the prices of the precious metal.
April 24, 2012 / 20:01 IST
Traders in Gujarat said that gold sales remained brisk on the auspicious occasion of 'Akshay Tritiya', notwithstanding the surge in the prices of the precious metal.
The jewellers in Gujarat expect around 500 kg of gold jewellery to be sold across the state today. "We expect sales of 500 kg of gold jewellery across Gujarat on this auspicious day, which includes buying from nearly 15,000 small and big jewellers' outlets spread across the state," president of the Gujarat Jewellery Association Zaveri Lal said. The gold prices have cooled down marginally say by Rs 500 per 10 grams from the highs of Rs 29,600 (per 10 grams) last week, which has also pushed sales from the showrooms, he said.The festival of Akshay Tritiya is considered an auspicious day according to the Hindu mythology for buying precious metal. It is widely believed that any new venture or asset creation on this day brings good luck and prosperity. Some leading brands also announced a slew of schemes to attract consumers, which include monthly investment scheme, and offered rebate on jewellery making.Jewellery traders here said that buying remained brisk throughout the day, especially during the 'mahurat' period beginning afternoon and lasting till early evening, defying the global cues which usually set the trend for the domestic markets. "Sales have been brisk so far. We expect in next one and a half day around 80 kg of gold jewellery shall be sold alone from showrooms in Ahmedabad, as mahurat period shall be on tomorrow also," secretary Ahmedabad Jewellery Association Haru Zaveri said. In Ahmedabad alone there are over 2,500 members of the association including bullion traders, manufacturers, wholesellers amongst others.The Rajkot Gold Dealers Association also expressed hope of raking in good business today, which is believed to be an auspicious day to start new ventures or buying metals. "It is the Indian tradition to buy gold and its ornaments on this auspicious day. We are hopeful to sell around 40 kg gold on the day of Akhaya Treej," Bhayabhai Saholiya, president of Rajkot Gold Dealers Association said.The association has announced a special discount for the customer for three days beginning today. They shall get Rs 300 rebate on purchasing 10 grams gold, Saholiya said. "We are getting very good response from our customer on this auspicious day," Prabhudas Pareksh a leading jeweller in Rajkot city said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
