Akshaya Tritiya: Gold price dips; jewellery sales up 10-20%

Tuesday, Apr 21, 2015,19:45 IST By metrovaartha A A A

New Delhi | Gold jewellery sales are estimated to have risen by 10-20 per cent on the auspicious day of ‘Akshaya Tritiya’ today, even as the precious metal’s price fell in all major cities by around Rs 100 per ten grams.
Jewellers and bullion traders said retail demand remained robust in most parts of the country as prices have declined by about 10 per cent from last year’s ‘Akshaya Tritiya’, which is considered an auspicious day to buy gold.
In South India, which contributes about 60 per cent of total sales on this day, gold sales remained brisk.
In some parts of the country, good demand was seen for diamonds as well due to less price volatility, jewellers said.
In the National Capital, gold prices fell by Rs 100 to Rs 27,100 per 10 grams. Similar was the trend in other cities.
Delhi-based Khanna Jewellers’ Chairman Vijay Khanna said sales are up by 10-15 per cent and are better than last year.
Jewellery sales are 12 per cent higher on year-to-year basis as prices are down by 10 per cent at Rs 26,800 per ten grams today as compared with Rs 30,200 per ten grams in the year-ago, Mumbai-based All India Gems and Jewellery Trade Federation Chairman Manish Jain said.
He, however, said that sales of gold coins and bars for investment purpose were lower by almost 25-30 per cent.
Madras Jewellers and Diamond Merchants Association President Jayantilal Challani said, The response has been very good and as good as it was last year.
Kerala-based Kalyan Jewellers, which has 66 stores across the country, said it expects a sales growth of 5-7 per cent in each store.
Sales are very good. Seeing the trend from the morning, we expect 5-7 per cent growth in sales in each of our store. But our overall growth in revenue would be 30 per cent as the company has opened 11 new stores, the company’s Director Rajesh Kalyanaraman said.