Friday, 27 April 2012


Department of Posts witnessed a huge rush of gold buyers in the tastefully decorated jewellery showrooms as well as banks and postal department offices on the auspicious occasion of Akshaya Tritiya on Tuesday. Over 100kg of gold worth around Rs 30 crore was bought by the Patnaites.

Various offers, gifts and discounts offered by the jewellers and the postal department coupled with marriage demand resulted in sales this year increasing by over 40% compared to 2011. Moni Shankersengupta, area business manager of Tanishq, Bihar, told TOI that by Tuesday evening they had sold over 18kg of gold worth around Rs 5 crore here. "The affordable diamond range launched by us on the occasion in the price bracket of Rs 10,000 to Rs 25,000 was the most sought-after item this year."

To lure buyers, jewellers here offered a variety of products for all sections of society keeping in mind their purchasing power. "Buyers with deep pockets gave preference to precious and semi-precious stones studded gold jewellery, while those with budget constraints went for token purchases like nose pins, earrings, rings, 'jhumka', pendents and gold coins ranging from 1 gram to 50 grams," said Sachin Gupta, owner, Ginni Jewellers, at Boring Road. He recorded 35% higher sales this year compared to 2011.

Shailendra Kumar of Nakshatra at P & M mall told TOI that last year, gold prices on Akshaya Tritiya was Rs 21,700 per 10 gram, whereas this year it has gone up and reached Rs 28,900 per 10 gram. "But price was the least concern of the gold shoppers here," said Kumar, adding, "Whereas aged people preferred buying gold bars and coins as investment, youngsters were looking for lightweight jewelleries."

Several banks also recorded brisk business. Bank of India's marketing head, Patna zone, Chandan Kumar said, "We sold around 4kg of gold on Akshaya Tritiya this year, making a profit of over Rs 1.5 crore." AK Mohanty, chief manager, State Bank of India, said, "Looking at the fluctuating stock market, people now prefer investing in gold as its price tends to increase. So, this year we sold around 400 gold coins, totalling over 5kg.

The postal department was not left behind. Anil Kumar, marketing director, postal department, said, "There was a huge rush of gold buyers throughout the day. We sold over 13kg of gold. Coins of 0.5 gram and 1 gram were in great demand. We sold over 2,500 gold coins of various weights on a single day."

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