Weak gold may boost sales by up to 40 pc this Akshay Tritiya

May 12, 2013

Weak_gold

Mumbai, May 12: The continued weakness in gold prices is likely to boost jewellery sales by up to 40 per cent this Akshay Tritiya, according to retailers.

"Due to the sudden dip in prices, we expect a very positive response from consumers as now is the time they indulge in gold. The festive season along with the low rates make it a perfect spending opportunity. The increase expected can be anywhere around 30-40 per cent compared to last year," Manubhai Jewellers Director Samir Sagar told PTI here.

Echoing him, Shree GaneshJewellery House Head-Retail, GAJA, Rahul Singh said, "We expect around 40 per cent rise in Akshay Tritiya sales compared to last year."

The day is considered auspicious to buy gold. But non-Hindu buyers also take advantage of the offers and discounts offered by jewellers, he added.

All India Gems and Jewellery Federation (GJF) Chairman Haresh Soni said overall sales in jewellery and bullion is expected to rise by about 25 per cent considering current reduction in gold prices this Akshay Tritiya.

From the regional perspective, southern India is expected to consume high percentage of sales, he added.

Gitanjali Group Chairman and Managing Director Mehul Choksi said drop in gold prices normally boosts demand for jewellery and coins. When the gold peaked late last year at above Rs 32,000 per 10 grams, demand slowed in terms of value, while during the recent drop to almost Rs 27,000 there has been a surge of consumers in jewellery stores across India. "If gold prices remain relatively weaker than last year's peak, which is what the market now expects, then demand will be good, if they fall further, demand on Akshay Tritiya will soar by 30 per cent," he added.

Kotak Mahindra Bank Executive Vice President Puneet Kapoor said this season Kotak Mahindra Bank is expecting to sell around 175 kg of gold coins and bars, which will be 30 per cent higher compared 135 kg during last Akshay Tritiya.

After witnessing steep fall in prices -- up to almost 20 per cent -- the price of gold became stagnant at the new level, and has again started inching upwards in anticipation of higher demand.

In the last 10 days, gold has already gained almost 8 per cent and if the trend continues, it will bring investor community back to the fore, he pointed out.

Reliance Capital Executive Director, Broking and Distribution Business, Vikrant Gugnani said gold prices as well as gold sales hit a high during last Akshay Tritiya. "The run-up to this Akshay Tritiya has seen some volatility in the gold prices and we expect this to have a positive impact on sales of gold coins. We are optimistic and expect a 30 per cent growth in sales over last year," he said. The bearish trend in gold prices has also given boost to online jewellery sales as the e-commerce has matured in jewellery segment in the past 10-12 months.

JewelsNext.com CEO Gaurav S Issar said, "We are expecting good sales with ticket size of Rs 25,000-50,000 this season. Last Diwali, transactions ranged between Rs 10,000-20,000 since there was no marketplace model, less awareness about e-commerce, less matured market."

On the investment side, Religare Securities AVP & in-charge - Metals, Energy and Currency Research - Sugandha Sachdeva said a steep correction in prices just ahead of Akshay Tritiya is absolutely a perfect time for the investors for fresh buying.

The ETF data of previous years suggests that the turnover on Akshay Tritiya has been extraordinarily high. "Gold Exchange Traded Funds (ETF) on NSE recorded a turnover of around Rs 600 crore last year on Akshay Tritiya and this year we expect an additional growth of around 400 crore, given the fact that gold appears to be a good bargain at current levels.

Last year, India's gold consumption (coins and jewellery) on this day was around 17 tonnes and this year sales are expected to be around 20 to 25 tonnes, if prices drop further," she added. MCX gold this week-end was at Rs 26,987 per 10 grams, while in the international market it was at USD 1,447 an ounce.

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News Network
January 12,2020

Patna, Jan 12: Prashant Kishor, national vice-president of the Janata Dal (United), a key ally of the BJP-led NDA, has thanked Congress general secretary Priyanka Gandhi and former AICC chief Rahul Gandhi for their support in opposing CAA (Citizenship Amendment Act) and NRC (National Register of Citizens).

Perceived as one of the closest associates of Bihar Chief Minister Nitish Kumar, who is also the party’s national president, PK (as Prashant is fondly called) also assured the two top Congress leaders that the contentious legislation would not be implemented in Bihar where JD (U) is ruling the State with the support of the BJP.

“I join my voice with all to thank #Congress leadership for their formal and unequivocal rejection of #CAA_NRC. Both @rahulgandhi and @priyankagandhi deserve special thanks for their efforts on this count….also would like to reassure to all – CAA/NRC won’t be implemented in Bihar,” tweeted PK on Sunday.

The development assumes significance as a day back, the Congress Working Committee (CWC) meeting, chaired by Sonia Gandhi, had strongly opposed CAA/NRC/NPR as it was aimed at “sinister design of the present regime to divide Indian people into religious lines.”

The latest tweet by PK is also being seen as a rebuff to the BJP, which again recently reiterated that “the BJP should project its own chief ministerial candidate during the 2020 Bihar Assembly elections.”

The JD (U) had taken umbrage over such provocative statements by BJP leaders and asked the saffron camp to rein in its ‘loudmouths’ as BJP chief Amit Shah had already made it clear that the next Assembly polls in Bihar would be fought under the leadership of Nitish.

Of late, PK has been quite vocal about his opposition to the Centre’s policies, particularly the contentious issues of NRC and CAA. Besides, he even dubbed senior BJP leader Sushil Modi as the man who became Bihar’s Deputy Chief Minister due to ‘circumstances’ as the BJP was decisively decimated during the 2015 Assembly elections.

Nitish never reprimanded PK for his jibe against Modi, thereby giving rise to speculations whether Bihar was again heading for a political churning ahead of Assembly polls slated for October this year.

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News Network
March 30,2020

Thiruvananthapuram, Mar 30: Kerala reported 32

fresh cases of coronavirus on Monday, with the worst affected Kasaragod district alone accounting for 17 cases.

Kannur reported 15 cases, while Wayanad and Idukki reported two each, Chief Minister Pinarayi Vijayan told reporters here after a COVID-19 review meeting.

Of the 32 cases, 17 had come from abroad and 15 had been infected through contact.

A total of 213 people are presently under treatment in Kerala.

At least 1.50 lakh people are under surveillance in the state and 623 are in isolation wards of various hospitals.

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News Network
April 11,2020

New Delhi, Apr 11: Congress leader Rahul Gandhi on hailed accredited social health activists, auxiliary nurse and midwives and anganwadi workers for their role in the fight against the coronavirus pandemic, saying they are "true patriots" who toil to keep communities safe in the midst of this grave crisis.

In an environment where fear and misinformation pose a bigger danger than the virus itself, community workers have a key role to play in educating people about the dangers of COVID-19 and the manner in which it is transmitted, Gandhi said.

In a message for Accredited Social Health Activists (ASHA), Auxiliary Nurse and Midwives (ANMs) and Anganwadi Workers, he said they are working with dedication and courage, putting their lives at risk, on the frontlines of the battle against the COVID-19 pandemic.

"The greatest form of patriotism is to serve our country in her hour of need. Our community workers are true patriots, our unsung heroes, who toil tirelessly away from the limelight, to keep our communities safe in the midst of this grave crisis," the former Congress chief said.

"As a nation, we owe them and their families a huge debt of gratitude for the tremendous personal sacrifices each of them is making. I hope that when this crisis is over their exemplary service will serve as a catalyst for deep-rooted change in their conditions of work," he said.

Gandhi said he salutes each and every community worker for their service to the nation and prays that they and their families will remain safe during this pandemic.

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