MUMBAI: Friday’s festival of Akshay Tritiya is likely to bring cheer to the jewellery trade. Gold rates are reasonably low this season. Moreover, investors who fear that prices may rise after the imposition of GST July 1 may make the most of this opportunity.
Akshay Tritiya is one of the three-and-a-half auspicious mahurats on the Hindu almanac for purchasing gold jewellery and valuables. The festival falls April 28.
Wednesday’s gold rate at Waman Hari Pethe, Dadar, was Rs 29,600 per 10 gm for 24 carat and Rs 28,700 per 10 gm for 22 carat. Store manager Pradeep Madiye said, “The rate is equivalent to that of last year. However last year we failed to do business given that our showroom was shut over the issue of excise duty. Prospects are bright this season.” The store has stocked a range of necklaces, bangles, earrings and finger rings for the occasion.
However, Madiye had a counter argument. “Buyers are not anxious on that front. For one, they must furnish PAN numbers or pay by cheque only for purchases over Rs 2 lakh, and secondly, all those who had black money have converted it into white after demonetisation. They are bringing out all this white money to invest in gold now,” he said.