The buzz in the market is happening after two years of covid slump
New Delhi, NFAPost: After witnessing great slump due to Covid crisis for the last two years, the bullion market across the country was finally full of people and it was estimated that on Akshaya Tritiya, the jewellery business worth Rs 15,000 crore happened Tuesday.
In their effort to woo the customers on Akshaya Tritiya, the jewellers made light jewellery which did the good sale and was very much in demand
National Secretary-General of Confederation of All India Traders (CAIT) Praveen Khandelwal and All India Jewelers and Goldsmith Federation National President Pankaj Arora said the apex organisation of jewellery trade of the country, said the new momentum is a good omen for the trading segment of gold.
National Secretary-General of Confederation of All India Traders (CAIT) Praveen Khandelwal and All India Jewelers and Goldsmith Federation National President Pankaj Arora said after a long gap of two years, the gold and silver are in huge demand and are sold with a lot of excitement across the country.
“Akshaya Tritiya is considered to be a very auspicious day in India and buying gold and silver on this day brings prosperity in home and business, and that is why this day is also considered very auspicious for gold and silver business. According to mythological beliefs, on this day Lord Shiva blessed Lord Kubera to be a god of treasure and Goddess Lakshmi to be the goddess of wealth,” said National Secretary General of Confederation of All India Traders (CAIT) Praveen Khandelwal and All India Jewelers and Goldsmith Federation National President Pankaj Arora.
The trade organisation leaders said that three years ago in 2019, the price of gold and silver on the occasion of Akshaya Tritiya. Gold was then Rs 32,700 per 10 grams and silver was Rs 38,350 per kg.
“At the same time, this year, five days before Akshaya Tritiya, gold is estimated to be around Rs 53 thousand per 10 grams and silver around Rs 66,600 per kg. However, in the past two years, the bullion shops across the country were not able to do any significant business on Akshaya Tritiya,” said trade body leaders.
CAIT National President Shri BC Bhartia informed that in the first quarter of 2021, 39.3 tonnes of gold was imported into India in the form of gold bars and coins, whereas in the first quarter of 2022 it was increased to 41.3 tonnes, while the import of gold jewellery in the first quarter of 2021 was 126.5 tonnes which remained only 94.2 tonnes in the first quarter of 2022, which shows the increasing trend of people investing in the form of gold bars and coins.
National Secretary-General of Confederation of All India Traders (CAIT) Praveen Khandelwal and All India Jewelers and Goldsmith Federation National President Pankaj Arora said in 2019, the gold worth Rs 10,000crore was sold across the country on Akshaya Tritiya.
“But, in 2020, due to the lockdown in the month of May on Akshaya Tritiya, the sale of gold was only 5% i.e. around 500 crores. The business during Akshaya Tritiya festival in lockdown for two consecutive years faced a massive fall down which broke the backbone of the jewellery business of the country, but now in the current year, the bullion trade of the country has recovered from the corona epidemic,” said National Secretary General of Confederation of All India Traders (CAIT) Praveen Khandelwal and All India Jewelers and Goldsmith Federation National President Pankaj Arora said.
They also highlighted that today a lot of enthusiasm was seen among the customers in the gold markets across the country. “Today in large numbers people across the country thronged the jewellery market and booked the jewellery which will be delivered in the next two-three days,” said the association leaders.
Chairman of the Vedic Committee of CAIT and the country’s leading astrologer Acharya Durgesh Tare said that according to Indian astrology calculations, this time an auspicious position of five Mahayoga has been created with five planets.
“It includes Kedar, Shubh Kartari, Ubhayachari, Vimal and Sumukh. Due to the combination of Tithi and Nakshatra in 24 hours, the whole day of Akshaya Tritiya will be auspicious for shopping, investment etc. Such a rare coincidence will not happen for the next hundred years. According to astrological calculations, today being the Tritiya Tithi on Tuesday, Siddhi Yoga is also formed and success in every work done in this yog is certain,” said astrologer Acharya Durgesh Tare.
