Jewellers hope for brisk biz on Akshaya Tritiya after lull

Prayagraj: With festivals of Akshaya Tritiya and Eid falling together on May 3, jeweller traders in Sangam city are hoping for a business boost. However, with unpredictable market conditions due to rising prices of gold and making charges, many in the business also feel that they are in a fix.
Traders associated with Prayag Jewellers Association claimed that jewellery traders were not able to do any significant business for the past two years due to lockdown and Covid-19 restrictions and this year too, they have not booked big orders from companies.Traders also feel that customers are also in a piquant situation after acknowledging the rising prices of gold and making charges.
However, a section of jewellers hope that things will improve this time despite all odds. Dinesh Singh, president of Prayag Jewellers Association, told TOI, “Unpredictable conditions are prevailing in jewellery market, but we still hope things will be improved in this festive season”.
He, however, said there are 50:50 chances as far as current trend was concerned and we hope that people would come out in large numbers to purchase jewellery and gold articles in a big way on this Akshay Tritiya.
Around 2,500 jewellers are associated with the Prayag Jewellers Association in Sangam city. However, jewellery traders at main Chowk and adjoining market claim that they usually start noticing the trend of jewellery market at least 15 days prior to any festival, and this year they assume there are slightly better chances compared to two years.
The startling fact is that most jewellers plan to sell their dumped stock this festive season. “Gone are the days when people of both communities showed interest in purchase of gold and silver ornaments during festivals but we hope that zeal and zest is yet to be witness this festive season,” added Singh.
“Majority of companies in jewellery trade have not preferred for shaping of new designs and enterprise after witnessing slowdown in the trade across the nation for the past two years due to the pandemic,” added one another jeweller.
According to jewellers , gold sales were second highest on every Akshaya Tritiya till two years back, as Dhanteras recording the highest single day gold sales. However, due to the changing market conditions and covid-19 pandemic for the two consecutive years, the purchase of gold on Akshaya Tritiya was almost negligible for the past two years.