Gold sales add sparkle to Pushya Nakshatra

You can't quite call it the Midas touch, but gold sale on Pushya Nakshatra which was observed on Saturday gave hope to local jewellers as a significant number of people bought gold on the auspicious occasion. This, even though gold prices touched Rs 54,000 per 10 gm in Ahmedabad and other parts of Gujarat.

Market experts estimate that around 200 kg gold, including 50 kg of bullions, was sold in Ahmedabad alone. Around 450 kg gold was sold in Gujarat, believe industry experts. Jewellers expect to see sales rise as the auspicious period extends for half a day into Sunday as well.

While lockdown was a trying period, experts attribute the unexpected sales to the upcoming wedding season, bonus given by companies to their employees, and the traditional practice of buying gold on Pushya Nakshatra.

AB Jewels MD Manoj Soni says, "Compared to last year, there has been 60% of gold sales this year. Last year, Amdavadis had bought around 450 kg gold."

Agreeing with the trend, President of Jewellers' Association (Ahmedabad) Jigar Soni says, "Compared to past seven months, there has been 70% more gold sales. However, if we compare it with last year, it is around 50% to 60% only. Considering the state of the market so far, we are happy with the sales."

Experts opined that better returns in gold investment has also boosted sales. President of Gems and Jewellery Trade Council of India Shantilal Patel tells Mirror, "Gold price had jumped by Rs 2,000 in past 3-4 days to touch Rs 54,000 on Saturday. People had booked bullion and gold jewellery in advance so they got it at the earlier price. They took delivery today which is profitable for the buyer."

He adds that even silver price rose by Rs 4,000 in the past few days and sold at Rs 66,000 per kg.


Former president of Southern Gujarat Chamber of Commerce and Industry and Surat Diamond Association, Praveen Nanavati says, "The sentiment on the occasion of Pushya Nakshatra was much better than what we had expected. People had given advance orders this time and took delivery on the auspicious day." With wedding season approaching, people in Surat bought necklaces, bracelets, mangalsutras and gold chains.

"Amidst coronavirus pandemic and the rising rate of gold there was no hope of such sales. Along with gold jewellery, light weight diamond jewellery was also in good demand," said Ketan Shah, owner of Virchand Govanji Jewellers in Rajkot.

Likewise, President of Rajkot Gold Dealers Association Bhayabhai Sohelia told Mirror, "The gold market of Rajkot has done good business on Pushya Nakshatra. However, compared to last year, business was down by 25-30%."

However, the traders are happy with the business, he added.