News Bureau

April 20, 2018

The return of positive sentiment!

Somasundaram P R, MD, India, World Gold Council said on gold demand for this Post Akshaya Tritiya that, “ Gold has a special place in the Akshaya Tritiya 2018 celebrations and this year too, activity points to the return of positive sentiment. The gold market is more stable now following the remonetisation of the economy and significantly improved compliance following the transition to the GST environment.

The seasonal wedding demand coupled with online and digital forms of buying gold that are becoming increasingly popular, augur well for sustainable growth compared to last year. In addition, the government’s announcement at the union budget that it intends to formulate a comprehensive gold policy to develop gold as an asset class supports the gold industry’s efforts to enhance their credibility and amplify gold’s economic potential for the country.

Being a jewellery player & leading at bullion player Saurabh Gadgil- CMD, PNG Jewellers said, “This year’s Akshaya Tritiya 2018 is quite a surprise, there has been a steady crowd since morning, in fact customers queued up even before the stores opened to capitalize on the morning mahurat. The response is much more than we anticipated, the hike in gold price has had no inverse effect on the demand as the sentiment bullish.

We will see greater influx of customer between 3 to 10pm, customers or all age group, families, couples are seen purchasing jewellery across all categories. To capitalize on the propitious occasion of Akshay Tritya lot wedding jewellery shopping will be prevalent.

Today we are also fulfilling quite a few jewellery pre orders too. We are expecting a movement of approx. 30 to 35 percent in the bullion category and rest of the demand will be balanced by gold and diamond jewellery. We are also noticing an incremental trend for purchase of gold coins on our online platforms, it is a convenient option for the working class.

Given the current prices, investment in gold is an essential element of any portfolio. Considering the current global political, national political and economic situation, we will be seeing a steady rise in gold prices in the recent future. All these factors are in favor of wonderful Akshaya Tritiya, which the industry needs, we are hoping to see a growth of 15 to 20 percent in comparison to last year.”