Elections, holidays dampen Akshaya Trithiya sales

Elections, holidays dampen Akshaya Trithiya sales

Elections, holidays dampen Akshaya Trithiya sales

Gold sales have dropped this year. Sale of the yellow metal, that was expected to increase on the auspicious occasion of Akshaya Trithiya, did not happen. 

Jewellers listed many reasons for this. While cost factor was the biggest deterrent, jewellers pointed out that the long holiday season and elections also affected the sales. 

However, many were seen making a beeline for jewellery stores to purchase gold, silver and diamonds. 

Manohar and his wife purchased a coin. “The cost of gold is high, so we decided to buy one gram gold coin now and then purchase something else later,” he said.On the other hand, B Suresh and his wife bought a gold chain. “This is the first time we have purchased gold. We had saved money for this. We have been told this is an auspicious day which is why we have made the buy,” he said. 

Malabar Gold Store Manager Santosh C S said: “Compared with other days, there has been 10-15 per cent increase in sales, but compared with last year, sale is less. Spot purchases were less compared to advance bookings. Demand for gold and silver Lakshmi coins was more this time. But upper middle class and elite class bought more traditional necklaces and gold bangles.”

Bhima Jewellers Manager Ramkiran N said: “Sales were less because of elections. Since people could not carry a lot of cash with them, sales were affected. The price range varied from Rs 3,000 to Rs 3 lakh for single purchases. While last year single, purchases shot above Rs 5 lakh.”

Jos Alukkas Store Manager Biju Paul said many exchanged their old jewellery for new ones this time instead of new purchases.

However, Karnataka Jewellers Association president T A Sharvana said the festive spirit is likely to continue for some more days. 

They are expecting 40 per cent increase in sales compared to last year's Rs 1,100 crore.