(MENAFN- Gulf Times) Jewellers in Qatar are expecting to double their sales of gold jewellery tomorrow (April 21), as Indian expatriates here observe the annual Akshaya Tritiya.
Believed to be an auspicious time to buy gold or gold jewellery, "Akshaya" is defined as imperishable or eternal, hence, the practice of buying valuables on this day is considered to bring prosperity and success.
Aside from purchasing gold, wearing gold jewellery on this day is believed to increase good fortune.
A few weeks leading to the one-day festival, various jewellery shops in the country have launched different promos to encourage more customers to buy gold from their stores.
A shop attendant of a jewellery outlet located in a popular hypermarket said the store receives a daily average of 50 to 100 customers and sells around 1.5kg of gold. But he said they are expecting sales and the number of customers to double, when many Indians come to buy rings, necklaces, bangles, earrings and rings made out of gold.
Asked what type of jewellery is considered a favourite among customers, the attendant said: "We do not have a 'best seller'. There is no specific kind of jewellery that is in demand among our customers. It all depends on what the customer wants or prefers."
But a manager of another jewellery shop told
Gulf Times that while many Indians in the country observe Akshaya Tritiya, "the charm of this festivity has diminished."
"Back in 2005 and 2006, sales of gold and gold jewellery were much higher compared to what we had achieved in the previous years during Akshaya Tritiya. But unlike before, it doesn't have the same charm it had among many Indians here in Qatar," the manager said.
Citing stiff market competition and fluctuations in the price of gold, among other factors, the manager said many stores will still continue to enjoy sales increase in gold and jewellery during Akshaya Tritiya.
"Our sales during this day are not dictated by the price of gold in the market. People buy gold because they observe an age-old tradition. But aside from that, many Indians are practical; they buy gold and jewellery not only for personal use but as a form of investment," he explained.
The manager also explained that the growing number of Indian expatriates arriving in Qatar, particularly those from the southern part of India, who celebrate Akshaya Tritiya continue to sustain gold and gold jewellery sales here.
This year, gold demand in India is expected to increase by 20% due to a potential surge in household savings driven by poverty alleviation measures taken by the government. The World Gold Council (WGC) expects India's full year gold demand this year to reach 900 to 1,000 tonnes, which is higher than the actual demand of 842.7 tonnes in 2015.
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