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Is gold losing its sheen?
This Akshay Tritiya saw drop in overall gold sales in the country thanks to the economic and political scenario
By: Diamond World News Service
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May 3 2014 4:42PM
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Reference: 9095  

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As the country is gripped in election fever, the jewellery industry was the most affected. Even the eve of Akshay Tritiya couldn’t manage to attract the customers to jewellery shops as expected. As Diamond World spoke to jewellers, retailers in the country, we found that overall sale has been average, nothing above expectations.

India has a long standing love affair with the yellow metal and purchasing gold on Akshay Tritiya is considered to be bringing good fortune and prosperity. The entire jewellery industry was expecting a good turnout on Akshay Tritiya. Prior to Akshay Tritiya, we spoke to some of the jewellery players. Commenting on the importance of buying gold on Akshay Tritiya, Samir Sagar, Director, Manubhai Jewellers said, “Even if it is just 5 gms, gold jewellery or bullion continues to occupy an important part of the gifting list among Indians today. Thus, irrespective of the recent price fluctuations, we expect a healthy demand and consumers will make gold purchases on Akshay Tritiya. As always, we continue to maintain a positive and optimistic outlook towards the market and foresee a good turnout.”

Though, the jewellery industry fraternity expected healthy business, the economic and political scenario in the country has been big spoiler. As rightly pointed out by Pankaj Khurana, Partner, Khurana Jewellery House, Amritsar, “Due to ongoing elections across India, the customer is wary of carrying cash to make heavy jewellery purchases. The model code of conduct has affected the jewellery business in Punjab for the last one month.” Even Soumitra Saraf from Hari Prasad Gopi Krishna Saraf, Uttar Pradesh, seconded this, he said, “As per the expectation, the overall sale was only 70-80 per cent. In contrast to the last year, we did not see any growth.”

While Ashok Minawala, Owner, Danabhai Jewellers from Mumbai, felt “Apart from prevailing political and economic conditions even too much communication from the capital markets insisting that it is unsafe to invest in gold right now, has affected the consumers. Owing to these reports, the consumers have put the gold purchases on hold.”

In Chennai, the twin bomb blasts, on Thursday, on two coaches of the Bangalore-Guwahati train at the busy Central Railway station and the sudden scare kept people away from making jewellery purchases on the eve of Akshay Tritiya, said a senior official from a leading jewellery house in Chennai, on the condition of anonymity.

Though rest of the country experience slump in the gold purchases this Akshay Tritiya, Pradip Gupta, P.P. Jewellers from Delhi had a different sentiment to share. He said, “Our sale was good. It was five times more than the usual sale. In the last two to three years, there has been gradual shift of craze for gold on Akshay Tritiya from south to north. ”

As far as types of buyers were concerned, the elders of the family are still making gold purchases as compared to the youngsters.

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