New Delhi, April 30 (PTI) Gold and Silver Shopping for Aksya Tritia gathered on Wednesday afternoon, hoping that jewelers expect the volume records of sales remain stable despite high prices.
All India Mani and Jewelery Domestic Council (GJC) estimates a jump of 35 percent in terms of price as compared to the previous year.
On Wednesday, Delhi was doing gold business at Rs 98,550 per 10 grams (including taxes), which was above Rs 72,300 during the last year’s festival.
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Buying precious metal on Akshaya Tritia is a widely followed in South India that has gradually spread across the country with increased awareness.
“We hope the sales of gold will remain stable at 20 tonnes of last year’s level. However, in terms of price, we see a 35 percent increase in gold sales,” told PTI, GJC President Rajesh Rabdede. “
Shopping began in South India, while the northern regions increased footfall in the late day of the day. He said that an unexpected tendency emerged with high demand for gold Mangal Sutras and chains, especially with the sale of sharp silver for the utensils, he said.
With the onset of the wedding season during Akshay Tritia, demand is expected to increase significantly in the coming days.
Rokde said that consumers aged 25-40 are also buying gold and silver, an emerging trend amidst a sharp increase in precious metal rates. Consumers are buying jewelery, coins and bars based on requirement and budget.
Sachin Jain, CEO of World Gold Council India, said, “Strength has been affected due to increase in gold prices. However, Akshay Tritia has a strong purchase spirit.”
Saurabh Gadgil, president of PNG Jewelers, said that about 50 percent of the purchase includes old gold exchanges, allowing customers to manage the budget while maintaining festivals and wedding traditions.
Colin Shah, managing director of Kama Jewelery, said, “Overall, the sale of 10–15 percent increase was seen compared to last year.” Ramit Kapoor, managing director of GSI India, mentioned an uttealic in the studded jewelery in major Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the increasing importance of lab-Groe Diamonds during this year’s festival.
The Confederation of All India Traders has a project of Rs 12,000 crore and 400 tonnes of silver selling about 12 tonnes of gold, priced at Rs 4,000 crore, which is a total business of Rs 16,000 crore.
Gold purchases will continue till late evening on Wednesday.
Experts believe that despite reaching the new price peaks, the demand for gold has remained flexible in the last three years.
India imports 700-800 tonnes of gold annually. PTI Lux TRB
This report is auto-generated with PTI News Service. ThePrint does not have any responsibility for its content.