Gold Investment
Gold and silver purchases gained momentum on the occasion of Akshaya Tritiya on Wednesday in India, the world’s largest gold consumer. Despite the high prices, people showed attraction about the purchase of valuable metal. All India Ratna and Jewelry Domestic Council (GJC), an organization of jewelery vendors, has estimated that gold sales will be increased by 35 percent in terms of price compared to last year.
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The number of consumers in South India was more in the first time of the day and in Maharashtra and Northern states, shopping increased till evening. Gold in Delhi on Wednesday stood at Rs 98,550 per 10 grams (including taxes), compared to Rs 72,300 during the festival last year.
GJC Chairman Rajesh Rokade told ‘PTI-language’ that consumers who were hesitating to buy gold at high prices are now shopping as the prices have almost stabilized after going to a high level.
He said that we hope that gold sales will remain stable at the level of 20 tonnes last year. However, in terms of value, gold sales are expected to increase by 35 percent. Rokade said that with the increase in demand for gold Mangal Sutra and chain, the sale of silver, especially utensils, increased.
He said that consumers aged 25-40 are also buying gold and silver, which is a new trend. Buying gold on Akshaya Tritiya is a widely popular tradition in South India, which has gradually spread throughout the country with increasing awareness.
Sachin Jain, Chief Executive Officer (CEO) of the World Gold Council (India) said that the purchase capacity has been affected due to the increase in gold prices. However, shopping trend is strong due to Akshaya Tritiya….
Saurabh Gadgil, chairman and managing director of PNG Jewelers, said that the consumer perception remains positive despite the gold prices reaching a record high. Gold, diamonds and silver jewelery are constantly interested.
Gadgil said that although a slight decline of eight to nine percent can be seen in the increase in quantity, we expect an increase of 20–25 percent according to the price which is a good sign of the market being strong. GSI India Managing Director Ramit Kapoor spoke of an increase in the demand for inhabited jewelery in major Indian markets, while Aukera CEO Lisa Mukhedkar mentioned the increasing interest in the laboratory’s diamonds during the festival this year.
Pankaj Arora, president of the All India Jewelry and Swarnakar Mahasangh, has estimated that about 12 tonnes of gold will be sold on the day of Akshaya Tritiya, which will cost around Rs 12,000 crore. Apart from this, about 400 tonnes of silver will be sold, which will cost Rs 4,000 crore. Thus a total turnover of Rs 16,000 crore is estimated. (Language) Edited by: Sudhir Sharma
