Sunday, December 5

Kolkata takes e-way to buy gold on Akshay Tritiya

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Despite jewellery shops remaining closed during lockdown, gold market in city witnessed a surge in online bookings on Akshay Tritiya. Gold buying in Kolkata, although a lot muted compared to other years, continued online and city jewellers were swamped with inquiries.

Almost 10,000 jewellers in and around Kolkata kept their shops closed on Akshay Tritiya — for the first time in past several decades. But they continued to receive client requests for online bookings or advance bookings, mainly for gold coins and bars.

“None of the jewellers opened shop. But we are getting enquiries over phone. Some buyers decided to go online/advance booking of gold during Akshay Tritiya,” said Rupak Saha, zonal member of Gem and Jewellery Trade Council of India.

The rallying gold price during the lockdown period has further strengthened buyer’s confidence in the yellow metal, which has appreciated by around 40% in past one year. On Sunday, 10-gram gold in Kolkata was priced between Rs 45,500-46,000, jewellers said.

“The choppy markets have led investors to buying gold although economy is looking towards a grim uncertainty,” said Anarghya Uttiya Chowdury, director of Anjali Jewellers.

In past couple of days, jewellers came with options for selling gold online. Senco Gold and Diamonds has witnessed 10-15% sales during the current week compared to last year. “We offered Rs 400 off on each gram of gold. Later, at the time of delivery if the price falls, we will pass that on to customers,” said Suvankar Sen, executive director the jewellery house.

Most customers chose to buy or book coins and bars of gold. Some, who did choose jewellery from catalogues, paid partial amount to book items, which they would check out later at the store physically before buying, Jewellers said. Brands like Sawansukha used social media and entered the online sales platform only last evening keeping Akshay Tritiya in mind.

But concerns were there about the pricing of gold, which baffled customers. “There is no physical gold in the market. The price is based on futures trading market. On a normal day price of physical gold is higher by Rs 2,000-2,200 (for 10gm),” said Bablu Dey of Swarnashilpo Banchao Forum.

 

Source: Times of India

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