Despite inflation, gold sales go up this Akshaya Tritiya 

Neha Basudkar
Thursday, 19 April 2018

Pune: Making investments in gold or other metal has been an age-old tradition with Indians and on the auspicious occasion of Akshaya Tritiya they did not miss the opportunity to buy gold.

Although the gold market, according to experts, remained highly sensitive over last few years, Puneites thronged to jewellery shops to buy the yellow metal.

Pune: Making investments in gold or other metal has been an age-old tradition with Indians and on the auspicious occasion of Akshaya Tritiya they did not miss the opportunity to buy gold.

Although the gold market, according to experts, remained highly sensitive over last few years, Puneites thronged to jewellery shops to buy the yellow metal.

Akshaya, which in Sanskrit means no decay, is considered to be one full muhurat among the three-and-half muhurat which is being observed across the country. It is believed that whatever investments done on this day remain immortal and thus the rush to buy gold or new property or any investment is made.

Keeping with the tradition, Puneites rushed to purchase gold, vehicles and properties on the occasion.

Though gold prices were on the higher side, it did not affect the buying of gold. Saurabh Gadgil, Chairman and Managing Director of PN Gadgil Jewellers and Director of Indian Bullion Jewellers Association, said, “There has been a steady crowd since morning, in fact, customers queued up even before the stores opened to capitalise on the morning muhurat. The response was much more than we anticipated but the hike in gold price has had no inverse effect on the demand. And on this occasion, compared to last year there has been 15 to 20 per cent increase in sales.”

He said, “Customers of all age groups were seen purchasing jewellery across all categories. Approximately 30 to 35 per cent in the bullion category (raw gold) has been sold. We are also noticing an incremental trend for the purchase of gold coins on our online platforms.” 

“Considering the current global, political and economic situation, we will be seeing a steady rise in gold prices in the recent future. This Akshaya Tritiya, we are hoping a growth of 15 to 20 percent in comparison to last year,” said Gadgil.

Shailesh Ranka, Director of Ranka group, said, “Despite a hike in prices of gold, we have noticed an increase in sale by 20 per cent. Mostly jewellery was preferred by the customers ahead of the wedding season. Though people prefer gold, the sale of diamonds is also good compared to the last year. Silver and platinum maintained stable sale.”

Automobile sector
While the sale of automobiles stayed on a moderate side, some dealers of cars and bikes had huge sales, while some dealers expressed disapproval for being unable to complete the sales target on this occasion. Mahesh Ghavate, Team Leader of the Sales Department in Volkswagen, said, “Only 18 cars have been delivered on the occasion of Akshaya Tritiya. This year, the sale has gone down by more than 50 per cent compared to last year.”

Tejas Mehar, Sales Manager of Nissan, said only 50 cars were sold on this occasion which is over 50 per cent less compared to last year. He said that top-end models are not in much demand.

On the other hand, Narayan Daundkar, Sales Manager of Bajaj, said, “The pre-bookings were quite less, but yesterday (Tuesday) and today (Wednesday) the sales of cars and bikes went up suddenly. More than 60 bikes and same number of cars were sold on the occasion, which met our anticipated sales.”

Sagar Pashankar,  Managing Director of Pashankar Auto, dealing in Honda, said, “On this occasion, we have met the target and only five per cent of difference can be seen in the sales compared to last year. More than 500 Honda motorcycles have been sold out.”

Real Estate sector
According to Shrikant Paranjape, President of Credai Pune, the response of booking properties was tremendous in case of real estate. Right from flats to commercials properties, there has been a hike in booking. Last year people were suspicious of booking any property as there was a lot of confusion on MahaRERA, GST and demonetisation. Now everything is stable. 

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