PANAJI
Not missing the golden muhurat of Akshay Tritiya, people made it to the jewellery showrooms to follow the traditional ritual of purchasing gold on this auspicious day.
This year the muhurat (best time) was 5.33 am on May 10 to 2.50 am on May 11. The customers visited their favourite brand stores the entire day, despite the hovering prices of gold and silver. However, the quantum of visitors went down this year, claimed most jewellers in Goa.
Interestingly, in Goa gold prices are quoted for 8 grams, unlike 10 grams as is in the rest of the country. Goa Gold Dealers Association quoted the price of 8-gram 22-carat gold at Rs 58,500 on May 10.
"Worldwide, gold prices have surged to all-time high and the sales were not up to our expectations today," said a jeweller from North Goa. "The price of gold in the Indian market has more than doubled in the last five years, and it has grown 10 times in the last two decades, since 2003. But the craze of gold has not died down in the Indian psyche. Some customers feel it's safer to invest in Gold ETF, Gold sovereign bond, and Gold Bees instead of physical gold," he explained.
Most gold and diamond showrooms in Goa had announced different schemes, heavy discounts, attractive offs on making charges, exchange offers, free gifts and 0% depreciation charges on the ‘buy-back’ arrangement of old gold from the customers.
Pointing out that gold prices have touched the highest benchmark in the last two months due to various reasons, especially because of the rapid buying of gold from China, Vikram Verlekar, managing director at Ulhas Jewellers said that the geopolitical situation, global economic uncertainty and ongoing wars have fuelled bullion rates globally.
“Our regular customers, who normally thought gold was the best option for investment, were confused because of these situations and so preferred to be cautious during the purchases. The price of gold also is going up exorbitantly, so what we experienced today was an average sale. There was, no doubt, movement in the market, and customers did visit showrooms, but the quantum of purchases came down. The sales were less than what we had expected. Most of the customers preferred bars and coins, to readymade jewellery," stated Verlekar.
However, unlike Goa, the situation in the neighbouring state of Maharashtra, especially in its commercial capital Mumbai, was different. “The business was good. Today, being the last Muhurat of this year, people were anxious to buy gold though the price has skyrocketed. There was a direct jump of Rs 4,000 today, compared to yesterday’s Rs 71,000 per 10 gram. The demand for lightweight jewellery has picked up and turnover in recycled gold has also surged. People exchanged old gold and took new ornaments in return. The price of gold is expected to touch Rs 80,000 by Diwali, so those who purchase on Dhanteras will have to pay an even higher price,” stated Kumar Jain, national spokesperson for India Bullion and Jewellers Association Ltd who expected a total turnover of Rs 500 crore in Mumbai and Maharashtra to happen on a single day “ May 10.
