1. Akshaya Tritiya 2016: Jeweller shops to remain open late night to meet gold demand

Akshaya Tritiya 2016: Jeweller shops to remain open late night to meet gold demand

Akshaya Tritiya: Expecting heavy footfall for gold buying, jewellers are keeping stores open till 10.30 pm on Monday instead of the normal closure at 8-8.30 pm.

By: | Updated: May 9, 2016 5:30 PM
Akshaya Tritiya - Gold demand Akshaya Tritiya: Expecting heavy footfall for gold buying, jewellers are keeping stores open till late into the night on May 9. (Photo: Reuters)

Setting aside worries over rising price of gold, buyers have flocked jewellery stores over the weekend with a clear preference for jewellery over bullion for their Akshaya Tritiya purchases.

Expecting heavy footfall the final evening of Akshaya Tritiya on Monday, jewellers are bracing up for the increased footfall by keeping stores open till late into the night on May 9. “Sales have been high over the weekend. High gold price rise does not appear to be an obstacle. People are coming in big numbers. We are expecting heavy sales this evening after office hours and have decided to keep our stores open till 10.30 PM to meet the demand,” Saurabh Gadgil, CMD PNG Jewellers and Vice President, Indian Bullion Jewellers association, told FeMoney. The normal closing time for the outlets are 8.30 pm.

Gold prices dipped by Rs 250 to close at Rs 30,100 per 10 grammes at the bullion market on Monday. It has risen over 20 per cent since January 1, 2016.

Ishu Datwani, Founder Anmol Jewellers also said their shops will also maintain extended trading hours. “We plan to remain till 9.30 pm to meet the demand,” he said.

Datwani said there has been a marked preference towards jewellery items from shoppers this Akshaya Tritiya. “Nearly 90-95 per cent of our sales this year during the run up to the Akshaya Tritiya has been of jewellery. The rest is bullion,” he said.

There has been a 30-35 per cent spike in sales over the weekend, Dawani said. “We had high sales last weekend. Saturday especially was packed. Compared to pre-Akshaya Tritiya we have seen a 30-35 per cent increase in sales in value terms and 20 per cent increase in volume,” he said.

Gadgil put the jewellery sales figure uptil now at 70 per cent. “Our sales break-up would constitute 70 per cent jewellery and 30 per cent bullion. Among jewellery it is mainly smaller items and items for gifting that is finding favour among buyers,” he said.

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