Akshaya Tritiya Gold Sales in Kolkata Start Slow Amid Election Norms Uncertainty
The auspicious festival of Akshaya Tritiya commenced on a subdued note in Kolkata this Sunday, with jewellery stores across the city reporting significantly lower footfall than anticipated. Industry insiders attribute this initial lull to widespread confusion among buyers regarding the Election Commission of India's directives on the movement of cash and valuables during the election period. However, jewellers remain optimistic, anticipating a stronger turnout on Monday as the festival spans two days.
Confusion Over Election Norms Dampens Buyer Enthusiasm
According to Rupak Saha, a zonal member of the Gem and Jewellery Trade Council of India, the overall spirit among buyers appears dampened this year. "We are witnessing a low enquiry this time, and many buyers are confused over the norms related to the Election Commission's directives on carrying cash and other items," Saha explained. He added that reports of seizures have further exacerbated concerns, leading some customers to even request home deliveries to avoid potential violations.
Shubadip Roy of Bengal Jewellery highlighted a specific issue: the exchange of old gold, a common practice during Akshaya Tritiya. "Many buyers exchange old gold to purchase new jewellery, but they are now afraid to carry heirloom pieces without receipts, fearing issues at checkpoints," Roy stated. This uncertainty has created a cautious atmosphere, with buyers hesitant to risk untoward incidents.
Festival Timing and Price Factors Influence Purchases
The "tithi" for Akshaya Tritiya began at 10 am on Sunday, but many devotees prefer to make purchases after a sunrise, leading to expectations of higher sales on Monday. Saha noted, "A tithi is incomplete without being preceded by a sunrise. Many prefer to make purchases on Monday." This traditional belief is likely to boost activity as the festival continues.
On a positive note, Annargha Uuttiya Chowdhury of Anjali Jewellers reported strong sales in some segments, attributing this to softened gold prices. "We are seeing robust sales this Akshaya Tritiya as prices have softened, increasing purchasing power and enabling clients to buy more gold and diamond jewellery for their money," Chowdhury said. This price advantage has encouraged higher quantity purchases and a growing interest in diamond jewellery alongside gold.
Market Observations and Industry Hopes
At BB Ganguly Street, a prominent cluster of jewellery shops, stores were decorated for the occasion, and staff were on duty. While there was a flurry of customers in the evening, purchase quantities remained modest. The industry remains hopeful, with projections of a 3–4% increase in sales volume compared to last year. Chowdhury emphasized, "Customers today are able to derive far greater value for their spend, translating into higher quantity purchases as well as an increased inclination towards diamond jewellery alongside gold."
In summary, Kolkata's Akshaya Tritiya celebrations have been marked by initial caution due to election-related uncertainties, but jewellers are banking on a Monday rebound and favorable market conditions to drive sales growth throughout the festival period.
