Gold prices surged, yet shoppers flooded jewellery stores in Odisha’s twin cities on Akshaya Tritiya, a traditionally auspicious day for purchases.
Despite the soaring prices, especially noticeable in the capital’s Janpath area, where most jewellery outlets are concentrated, sales remained robust, albeit affected by traffic constraints imposed for Prime Minister Narendra Modi’s roadshow.
To entice customers, jewellers rolled out hefty discounts on making charges and other incentives. Beyond gold, buyers also snapped up diamonds, silver, and gold coins and bars, aligning with the auspiciousness of the occasion.
Reflecting the wedding season demand, sales encompassed both light and heavy-weight jewellery items. On this Akshaya Tritiya, 22 carat gold jewellery commanded prices of Rs 67,000 per 10 grams, and 24 carat gold fetched Rs 72,030 per 10 grams. Sourav Roy, Vice-President of Odisha Jewellers Association, attributed the sustained high demand to stable prices and favorable weather conditions.
Comparing to previous years, the price of gold surged considerably, with a 22 carat piece seeing an increase of Rs 11,250 from last year. Despite this sharp rise, sales remained unaffected, indicating gold’s enduring allure as a safe investment option offering consistent returns, hovering around 19 to 20 percent over the past two years.
However, the PM’s roadshow dampened business along Janpath Road, home to about 20 jewellery outlets. Forced to shut early due to road closure orders, these stores truncated their usual 12-hour business day to a mere seven hours, prompting some to redirect customers to alternative branches.
Despite the disruptions, shoppers like Sribala Mohanty adapted, completing their purchases earlier than usual, showcasing the resilience of demand even in the face of logistical challenges.