The business is presently on a downslide with retailers claiming anywhere between a 25-30 per cent dip in sales
TEAM HERALD
teamherald@herald-goa.com
PANJIM: Come Akshaya Tritiya, jewellers in the State expect a boost in sales as people are expected to loosen their purse strings and buy gold on a day that is considered auspicious for Hindus and Jains alike. Goa is one of the States where the precious metal has an emotional attachment and the gold market is valued at over Rs 375 crore annually.
Sunny Verlekar of Ulhas Jewellers said that business at their Panjim stoe is slack but he was looking forward to Akshaya Tritiya to rev up sales. He said “We have always done good business on this day in the past and I expect the same this year too. It is, I admit, tougher for us doing business here than it is at our main store in Margao which is always packed. The sentiment is also changing now with the decision on mining and the general sentiment in the country during the elections. So yes, I am expecting something good this time”.
Industry veterans who did not want to be named said the sentiment was certainly changing and they would not be surprised to see crowds at the various stores that dot the State. One of them said that the stores in Margao would see good business because it was the business hub and the money was essentially there. People he said could be more traditional in Margao unlike in Panjim.
Premal Javeri of Javeris was enthusiastic and looking forward to the auspicious day. . He said “Business has increased by approximately 15% fuelled by a demand for gold, diamonds and watches. I have not had a problem. I don’t see why this should not continue on Akshaya Tritiya”.
Some jewellers feel that the government could certainly help by framing some good policies. Sales they said, would sky rocket if the 15 % import tax levied on gold would be removed. The rate of gold was quoted at Rs. 2933 for one gram of 24 karat gold and Rs 2,769 for 22 karat gold. Despite all these problems the jewellers felt that sentiment was changing and this auspicious day would be the start of a good run for their business.
India recently lost the ranking of being the number one consumer of gold to China despite purchasing 975 tonnes of the precious metal in 2013 which was increase an of 12% over the previous year. It is expected that the country would import approximately a 1000 tonne or more gold to gratify demand of those eager to own it.
