New Delhi: Gold prices have shot up and touched Rs 31,000 per 10gm as compared to Rs 25,000 in the first week of February, discouraging shoppers from buying gold this Akshaya Tritiya. Traders, on the other hand are also worried as the number of jewellery bookings have also gone down.
Besides the spike in prices, jewellers also feel that Akshaya Tritiya, the most auspicious day for gold purchases, is losing its importance. As a result, jewellery stores have started offering several discounts to woo more customers.
Popular stores like Sunar Jewellers have marked a 10 per cent discount on current gold prices, while others like Manohar Lal Jewellers have increased the discount offer to 20 per cent. Anmol Jewellers are also offering a discount scheme to push sales. “We are giving away jewellery at zero making charges in our discount scheme which runs from May 1-9,” Datwani told Financial Express.
Also read: Gold prices shoot up to a fresh 2-year high, hit Rs 30,000 level
The spike in prices and the lack of enthusiasm among buyers that has spurred jewellery stores into offering heavy discounts is based on a certain optimism. "Our making charges have risen by up to 30 per cent, but we have decided to waive it off for three days starting Sunday. We still feel that people would rather invest in gold than shares. The footfall has been lesser as compared to last year, but we are optimistic that the numbers will rise on Monday,” a TOI report quoted an official of a leading jewellery brand as saying.
"There is no significant increase in the number of people coming to our store. The sentimental value of this day is going down by the day. People are more interested in buying diamonds," said Siddharth Sharma of Satyam Jewellers.
After the Centre imposed 1 per cent excise duty on gold jewellery, jewellers across the nation had gone on an indefinite strike, which was called off on March 19.
