Bengaluru, April 18: Hundreds of customers, especially women, made a beeline to gold and jewellery shops across the city on Wednesday to buy the glittering ornaments for celebrating Akshaya Tritiya festival.
"We have seen 10-15 per cent spike in sales due to Akshaya Tritiya and about 20 per cent increase in footfalls through the day, forcing us to keep our showroom open till 11 p.m.," Malabar Gold & Diamonds manager Dileep told IANS here.
Aware of the sentiment attached to the auspicious occasion and the belief that buying gold on Akshaya Tritiya augurs well and brings fortune through the year, leading jewellery stores offered discounts, gifts, freebies and reduction in making charges to lure more customers and spur sales.
"The response has been in line with our expectations this time and more than last year when sales were affected by demonetisation and GST subsequently. Our sales pitch also helped us in drawing more customers," said Dileep.
Though the day began with a few hundred customers showing up till afternoon, jewellery stores across the city witnessed steady footfalls by evening and heavy rush during the peak shopping hours.
"The footfalls were heavy on Tuesday evening and picked up on Wednesday post-noon. As more customers came to our stores later in the evening, we decided to remain open till 10.30 p.m.," a Joyalukkas salesperson told IANS.
A sales manager of Navarthan Jewellers, which has six stores across the city, told IANS that prices of select gold ornaments have gone up to Rs 33,370-33,760 per 10 gm of 24 karat as demand surged after 4 p.m.
"Diamond jewellery is in good demand this time. Sales of bangles, necklaces and jhumkas also picked up during the day. Designer ornaments are preferred by young and middle age customers, mostly women," said the manager.
Admitting that even young and modern women were of the belief that buying gold on Akshaya Tritya augured well and did not want to miss the occasion, the manager said average age of such customers was between 20-40 years.
"As we showcase a range of ornaments, in gold, platinum and silver with or without diamonds, we also get customers who are young, trendy, studying or working. They look for both modern and traditional designs."
Retail price of 22 karat has also shot up to Rs 31,100 in branded stores like Kalyan Jewellers, P.C. Chandra Jewellers and Krishnaiah Chetty & Jewellers in the central business district.
"We performed well on Akshaya Tritiya compared to previous years, as the growth was much higher than expectation and jewellery sales growth was encouraging," said Tanishq Vice-President (marketing & retail) Sandeep Kulhalli.
Coinciding with the festive season, many customers also bought wedding jewellery. The overall customer sentiment was positive in metros and the pick-up was also good in non-metros in line with expectations.
Average retail prices were in the range of Rs 32,011-32,570 per 10 gm for 24 karat and Rs 29,350-29,780 per 10 gam for 22 karat.
"Retail prices range depending on the locality of the gold and jewellery shops, with branded stores and showrooms quoting on higher side," a bullion trader told IANS.
Bullion rates in the city were Rs 31,358 per 10 gm for 24 karat gold and Rs 29,320 per 10 gm for 22 karat, while silver 999 was Rs 31,358 per kg.
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Adequate LPG stock in Chhattisgarh, no need to panic, says CM Sai
Raipur (PTI): Amid reports of shortage of commercial LPG cylinder in several parts of the country due to the US-Israel-Iran conflict, Chhattisgarh Chief Minister Vishnu Deo Sai on Tuesday assured people that they need not worry about the availability of cooking gas in the state.
He asserted that adequate stock of LPG as well as petrol and diesel was available in the state.
Sai said in a statement that authorities have been directed to regularly monitor stock at gas agencies and keep a close watch on the supply chain. Necessary instructions were issued to officials in all districts to ensure a smooth supply of LPG.
The chief minister instructed officials to take strict action if any complaint of black marketing or hoarding of LPG cylinders is received.
Sai urged state residents not to pay attention to rumours and to book cooking gas cylinders as per their actual requirement.
The government was fully alert to ensure the availability of essential commodities to citizens, he emphasised.
Meanwhile, the Chhattisgarh Hotel and Restaurant Association has issued an advisory to hotels, restaurants, caterers and other food businesses across the state, urging them to maintain calm and avoid panic buying.
In the advisory, Taranjeet Singh Hora, president of the association, asked members to maintain coordination and immediately inform it about any major disruption in LPG supply.
He cautioned businesses against hoarding cylinders, saying such practices could worsen the situation for the entire hospitality sector.
The association advised hotels and restaurants to prioritise essential kitchen operations, core menu items and already committed banquet events.
Use electric cooking equipment wherever possible for emergency and staff kitchens such as induction cooktops, electric hot plates, electric rice cookers and kettles, the advisory stated.
