Home ECONOMY Odisha consumes 400 kg gold on Akshay Tritiya, sees 25 pc leap 

Odisha consumes 400 kg gold on Akshay Tritiya, sees 25 pc leap 

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Odisha Sun Times Bureau
Bhubaneswar, Apr 22:

The scorching sun failed to dampen the shopping spirits in major cities in Odisha on the occasion of Akshay Tritiya on Tuesday as the sale of gold jewelleries this year touched over Rs 100 crore with an increase of 25 percent.

GOLD

The Odisha market consumed around 400 kg gold ornaments on this Akshay Tritiya of which the capital city accounts for 380 kg of it. Riding on the marriage season, the business at the temple city crossed Rs 60 crore this year as compared to Rs 40 crore-45 crore last year. There is an increase of 20-25 percent in the gold jewellery sales this year, traders body said.

While the jewellery stores did a business of a whopping Rs 80 crore across the state on last Akshay Tritiya, the overall sale of gold jewelleries touched Rs 100 crore mark this year.

The regional (Eastern) head of All India Gems and Jewellery Trade Federation (GJF) and Director of Khimji Jewellers Mitesh Khimji said, the volume of sale of gold jewelleries increased by 20-25 percent as against last year’s sales in view of over 20 percent slash in gold rates.

“People availed the opportunity to buy gold at low rates as compared to last year’s price. The marriage season has contributed to the jump in sales. The attractive discount offers for Akshay Tritiya attracted good response from the customers and people have been rushing to the stores to buy gold items,” Mitesh Khimji said.

Notably, the price of 10 gm gold in Bhubaneswar last year during this time was Rs 28, 600 whereas it is around Rs 26, 000 now.

“I purchase gold jewellery on every Akshay Tritiya as it is believed to shower prosperity. The gold prices are stable at the moment, so we are planning to invest a little more this year,” Mamata Patnaik, a customer, said.

As per an estimate, there are over 500 jewellery shops across Odisha of which 150 are located in the capital city. While Bhubaneswar accounts for 50 percent sale, the rest of the towns—Cuttack, Sambalpur, Brahmapur, Rourkela, Angul—account for rest 50 percent.

Akshay Tritiya is considered auspicious to buy precious gold, silver and other jewelleries as it is believed to bring prosperity in one’s life.

The goldsmiths were offering discounts on making charges, lucky draw coupons and other attractive schemes to encash the mood of the buyers.

The Khimji Jewellers was offering 100 percent free on making charges on diamond jewelleries, 50 percent discount on silver jewelleris and charging Rs 351 per one gram gold jewellery.

On the other hand, Lalchand Jewllers was offering 25 percent discount on branded wrist watches, 20 percent discount on diamond jewelleries, and charging Rs 300 per gram as making charge on gold jewelleries. The buyers also participated in ‘Kaun Banega Lakhpati’ contest on purchase of jewelleries from this store.

Tata subsidiary Tanishq jewellers also offered its customers a chance to win gold coins on every purchase. Besides, it was offering 20 percent discount on purchase of diamond jewelleries over Rs 2 lakh.

Last year, the market response was a bit subdued due to inclement weather and incessant rain, especially in Western Odisha. As the weathermen predict hot and humid conditions for this week, the sale was expected to meet the expectations of the jewellers who had floated various offers to attract the customers.

India’s gold imports surged 93.86 per cent year-on-year to USD 4.98 billion in March 2015 due to declining prices and easing of restrictions by the RBI, as against USD 2.57 billion in the same month in 2014.

India is the world’s largest consumer of gold and the precious metal is the second-largest imported item for the country after petroleum.

Higher gold import bill adversely impacts the country’s current account deficit (CAD) and the government has been repeatedly asking people to desist from buying gold and instead invest in other saving instruments.