Hyderabad/Mumbai: Akshay Tritia was sought lukewarm for yellow metal due to the current high prices of gold, jewelers offered various schemes such as making allegations for jewelery and offering gold jewelery as prizes for lucky buyers. However, the demand for the Gold Exchange-Treded Fund (ETF), however, jumped on both exchanges on Wednesday.
Earlier in April, the price of precious metal increased above the level of 1 lakh/10 grams, an all -time record. On Wednesday, the price in retail markets across the country hovering between Rs 94,000 and Rs 95,000.
Throughout India, jewelers designed plans and proposals for consumers to encourage more customers to reduce gold prices and purchase more. For example, the Malabar Group offered up to 25% to create allegations of gold jewelery and herbs. The company also had an advanced booking facility, which allowed customers to book jewelery with a minimum down payment of 10% of the total value and allowed customers to be safety and paid the rest based on the booked rate or prevailing market rate, whatever was low, the Chairman said.
He said that some purchases were inspired by the increasing desire to hedge against investment-based needs and increase in further prices.
According to Mangatri Jewelers’ partner Darshan Gupta in Hyderabad, the mood among gold buyers was’ lukewarm ‘. Gupta, who is trying to woo customers with proposals such as ‘No Making Charge’, said that despite all their efforts, there was a lack of sense of buying. “The business is expected to be less than 30% less than last year’s Akshay Tritia,” he said.
Although according to data from the India Bullion and Jewelers Association, the trade was lower than the previous year in terms of value, but it was almost identical. During the day, about 20 tonnes of gold worth Rs 18,000 crore was sold across the country. In the Mumbai market alone, about 2.5 tonnes of gold worth about Rs 2,350 crore has been sold.
Rising gold prices also inspired consumers to choose the option of more pocket -friendly options. For example, PC Chandra Jewelers saw more customers in queue for light gold jewelery and silver. A few diamond pieces were also found to be supported with customers.
The demand for ETF showed good traction on the boks. On NSE, a business worth about Rs 340 crore was done, while the same number on BSE was around Rs 30 crore.
