CITIESTOP NEWS

Demonetization affects Akshaya Tritiya sales

Purchase of gold, silver and even antiques marked the Akshaya Tritiya celebrations on Tuesday.

While some commercial establishments reported high sale, some others felt a slump on account of demonetization and elections. Ashok Jain from MG Road’s Navarathan Jewellers said sales have been 20% better than last year. Customers said the spike in sales is due to ending of the model code of conduct. Besides gold and silver, diamonds also saw some demand during the festival. Jiji K Mathew from MG Road’s Joyalukkas Jewellery said sales dropped 5% this time with the continuing impact of demonetization and the recent elections. Unlike last year, customers from places like Chikkaballapur, Doddaballapur, Hebbal and Hennur have given a miss.

Shoppers this year preferred bangles, necklace and earrings as against gold and silver coins popular last year. Some stores saw an upsurge in sales of antique jewellery, silver pots and lamps. “Coins are purchased and kept in the locker, but jewellery can be worn. Both have resale value, so ornaments are better,” said Priya K, a customer. Some continued to pick up coins with sacred figures of Ganesha and Lakshmi embossed on them. With the rate of gold on the increase, some exchanged old jewels for the new. Geeta from Navarthan Jewellers in Rajajinagar said there was a rush of customers who made advance bookings. Antiques and semi- antiques jewels had less of spot sales and more advanced bookings, while on-the-spot buyers preferred earrings and rings for coins, she added.

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