High gold prices mar jewellers' Akshay Tritiya

KOLKATA: Even an auspicious occasion like Akshay Tritiya has failed to lift the spirits of jewellers in the city. With the price of gold ruling at an all-time high, chances of a profitable Akshay Tritiya are slim, feel gold traders.
All those glittering gold are not bringing so much of shine to the lives of the jewellers who trade this yellow metal. With the price of gold ruling at an all time high, chances are bleak that this Akshay Tritiya will usher in some brighter hopes for the jewellery traders.

"Sales are very poor. This Akshay Tritiya I don't foresee any good turnout of people. It's an auspicious day and people do buy on that particular day. But I am sure quantity of buying will be much less this year," said Prakash Pincha, a city-based wholesaler and exporter.
While last year during Akshay Tritiya the price of gold was Rs 21,700 per 10 grams, this year it has escalated to Rs 28,420.
Akshay Tritiya is one of the most auspicious days in the Hindu calendar. The popular belief is that since the word 'Akshay' means imperishable, valuables bought on that day bring good fortune and success. People, hence, buy gold on this particular day.
Gold price was hovering around Rs 21,700 per 10 grams last year April during Akshay Tritiya and now it is at Rs 28,420 per 10 grams.
But following the age old tradition people buy gold in Akshay Tritiya, one of the most auspicious days in the Hindu calendar. The popular belief is that, since the word, Akshay means imperishable, valuables bought on that day will bring good fortune and success to the house.
But this year, the situation might be different. Gora Roy Chowdhury of MP Jewellers believes that jewellers will not have too many reasons to cheer because of the rise in gold prices. that this Akshay Tritiya will surely not bring in some bright sunny morning to the lives of any jewelers as the price is ruling at an all time high.
"Nowadays, the market is completely offer-driven. It is no longer necessity-driven. During Akshay Tritiya demand is very high and naturally prices also go up," said Roy Chowdhury. Although the number of footfalls on such an auspicious day may double, but it is unlikely that it will convert into buying, felt the jeweller. Volume of sales will be lower compared to last year, he added.
He feels that volume of sales will be lower than last year. Roy Chowdhury said although the number of footfall on such an auspicious day might double, but it is unlikely that all those will convert into buying numbers as the price of gold is very high.
Some city jewellers were positive and felt the recently-concluded jewellers' strike may work in their favour. UK Chandra, one of the directors at PC Chandra Jewellers, said: "We expect good turnout on Akshay Tritiya as the jewellers were on strike for 21 days and there is pent-up demand."
Despite the steep rise in price, UK Chandra, one of the directors at PC Chandra Jewellers said: "We expect good turn out on Akshay Tritiya as the jewelers were on strike for 21 days and there is pent up demand."
Besides gold, people also buy silver utensils and gift items on Akshay Tritiya. Yatish Somaiya of Vipin Jewellers, which trades in silver mostly, who trade in silver mostly,
said since the gold price has sky-rocketed, many are opting for silver as a substitute for stone- studded jewellery. He, however, admitted that even silver price has increased in the past few years and it stands at Rs 55,560 per kilogram.
In Akshay Tritiya many buy silver utensils and gift items also. Yatish Somaiya of Vipin Jewellers, who trade in silver mostly, said as gold price has sky-rocketed, many are opting for silver as a substitute for stone studded jewelleries. But he admitted that even silver price has increased in the past few years and it is now at Rs 55,560 per kilogram.