PUNE: Jewellers in Pune are witnessing a slight lull in sale of gold ornaments and coins this Ganesh festival owing to increase in gold prices recently. However, sale of silver items has seen good business.
Silver decoration pooja articles like flowers, fruits, crown, necklace and utensils have been in demand among Puneites.
With the recent increase in custom duty on gold in the Union budget, the gold price increased with the yellow metal touching Rs 38,997 for 10 gram on Thursday, while the rate of silver was Rs 49,675 per kg in Mumbai.
“Ganesh festival is about emotional buying. During the festival, people are more inclined to buy silver articles,” said PNG Jewellers, Chairman and Managing Director and Indian Bullion Jewellers Association, Director, Saurabh Gadgil.
Overall, the turnout has been less this year due to current market situation, said Pawan Ashtekar, owner of BN Ashtekar Jewellers showroom on Laxmi Road.
This year, light weight silver crowns and bangles received good response.
Vaishnav Pukale, owner, Vaishanavi Jewellers said, “Silver hibiscus flowers have been in demand and it is considered auspicious for the Ganesh festival.”
“Light weight silver crowns and bangles for Gauri and Ganpati of around 20 to 60 gm are more in demand as compared to heavy ones.”
The increase in prices of gold had affected the overall gold sale as a lot of people refrained from buying gold or preferred light weight gold jewelleries. “Due to increase in gold prices, a slowdown in sale of gold has been witnessed as customers refrain from buying gold items which they usually do,” said Gadgil.
“With increase in the price of gold, a lot of people preferred buying light weight gold jewellery like rings and mangalsutra,” said President of Pune Saraf Association and Ranka Jewellers Director, Fateh Chand Ranka.
Floods affect sale
The uneven rainfall in the State had also affected the sale of gold and silver in the market. “A lot of customers also come from Kolhapur and Sangli but due to flood situation there, not much customers from these places are coming, affecting the overall turnout,” added Vaishnav Pukale.