Akshaya Tritiya: On the auspicious occasion of Akshaya Tritiya, the faces of the jewelers of Kolkata were in full bloom. There has been an increase of 30-40 percent in the number of jewelery buyers on Akshaya Tritiya on Tuesday as compared to normal days. Due to rising inflation, Ukraine crisis, people are now motivated to buy gold and bullion as assets.
Strong demand was seen for bullion
This year the shopkeepers ordered calendars and sweets for the guests who were absent from the market in the last two years due to the Covid-19 pandemic and the lockdown. Ashok Begani, President of Bullion and Jewelers Association of India, West Bengal said, “We saw a strong demand for bullion along with gold jewelery this Akshaya Tritiya.
Gold demand increased due to Ukraine-Russia war
Apart from this, a section of customers said that Ukraine-Russia war is another reason for them to buy gold, he said. “If a family is displaced, assets like gold can be taken along, while immovable properties have to be left behind.
people increased investment in gold
He said, “Customers are adopting gold jewelery and bullion as a hedge against inflation. Volatility in the stock market has also increased the attraction towards gold. As per the information, people have invested in gold jewelery and bullion. Has increased its investment from 25 percent to 50 percent. Bablu Dey, secretary of Swarna Shilp Bachao Samiti, said that the number of customers is improving continuously since morning.
Happy Akshaya Tritiya day
An office-bearer of the organization representing small jewelers said, “We expect at least 20 per cent increase in sales as compared to normal days. All the jewelery traders admitted that there has been a sharp jump in business compared to the years of the Covid pandemic. Shyam Mehra, vice-president, All India Gem and Jewelery Household Council, said, “There has been a bullish sentiment in the market since last 10-15 days and it continues on the auspicious day of Akshaya Tritiya.”
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