PTI
Kolkata, May 3
Jewellers of Kolkata are happy on the auspicious day of Akshaya Tritiya to witness a footfall jump of 30-40% compared to normal days as soaring inflation, the Ukraine crisis, besides religious sentiments, influenced people to purchase gold and bullion as assets.
“We witnessed tremendous response for gold jewellery and bullion in this Akshaya Tritiya. Besides religious sentiments, people are cautious in spending on discretionary and luxury items and tourism, realising benefits of gold,” India Bullion and Jewellers Association West Bengal president Ashok Begani said.
“Customers are going for gold jewellery and bullion as a hedge against high inflation. The volatility in the stock market also made it conducive to the attraction for the yellow metal. As per feedback, people have doubled their investments in gold jewellery and bullion from 25% to 50% of their investable surplus funds,” he said.
“Jewellers across the country have opened their stores early across the country and there is a strong momentum in footfalls since morning. There has been positive sentiment in the market since the past 10-15 days and we expect it to continue on the day of Akshaya Tritiya. We expect to do 25-30 tonne business on this auspicious day,” All India Gem and Jewellery Domestic Council vice-chairman Shyam Mehra said.
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