Gold News

India Gold Dealers See "Good Business" Ahead of Akshaya Tritiya

INDIA'S Gold Dealers are reporting a pickup in demand ahead of this week's Akshaya Tritiya festival, India's Economic Times reports.

Gold Dealers say they expect this year's Akshaya Tritiya – a Hindu festival traditionally seen as an auspicious day for Buying Gold – to compare favorably with last year's.

"We believe business will be good for the industry," says Sandeep Kulhali, vice president (retail) at Tanishq, the jewelry brand of Tata Group.

"I think sales will be high in terms of value and also volume this year compared to last Gold Prices are stable now, people are putting money in both gold jewelry and coins."

Many Indian Gold Dealers shut down for three weeks starting last month, after finance minister Pranab Mukherjee announced an extension of taxes to unbranded jewelry and a doubling of gold import duties in his Union Budget.

"Thankfully, things have been settled 14 to 15 days before Akshaya Tritiya," says Kulhali.

"There has been a good demand for gold as customers in the jewelry category do not divert their funds."

"The long shutdown has compounded the consumer demand," adds Rahul Singh, head of marketing at Shree Ganesh Jewellery House, one of India's largest producers and exporters of handcrafted gold jewelry.

"Demand for gold jewelry and coins has already picked up [since the strike ended]...people are Buying Gold fearing there might be [another] strike ahead."

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