Jewellery sales shoot up on Varalakshmi Vratham

HYDERABAD: The festive occasion of Varalakshmi Vratham set the cash registers ringing at jewellery stores across the city as many shops recorded a jump in sales ranging from 30% to 70%. Although store managers said the sales did not meet their expectations, they were relieved that the boost could make good the losses incurred in the past few months due to the slump in the market.
Nandlal Kedia, manager of MBS Jewellers at Vikrampuri said, "The past few days have seen a good jump in sales. Especially yesterday, the sales were around 30 to 40% more than the usual daily figures. Compared to last year, the sales have increased by 10% as many people even bought pure gold in small quantities this time." He further said that the 1 gram and 2 grams gold coins with a picture of goddess Lakshmi on it have been selling like hotcakes. "I have already sold at least 200 of these coins. People come back for these coins every year as they perform puja with it and keep adding to the collection every year," he said. However, many store managers said that they had higher expectations from this festival in terms of sales. "We expected a rise of more than 100% in sales this time, but it has only increased by around 70%. But we are not disappointed, this has given our business a much needed boost after a long dry spell," said Gopal Bajaj of Sri Jagadamba Pearls and Gems store.
G Naved, a manager of another leading jewellery store chain agreed of the boost in the market, adding that though the increase in sales was around 10 to15% lesser than expected, it has helped the market scene pick up immensely. He further said that they are expecting at least 200 people to walk in to their store on Friday evening after the traditional puja, which is nearly double the walk-ins compared to a regular day.
Speaking about the importance of the occasion to jewellery stores in the city, Praveen Kumar, secretary of Twin Cities Jewellers Association said, "Around Varalakshmi Vratham, sales go up easily by 40 to 50%. This year, the situation is much better than last year and has helped traders recover from the recent market slump. People have an emotional bond with gold when it comes to such auspicious occasions, so we can always count on them to propel sales."