No golds barred: UAE jewellers upbeat on Akshaya Tritiya

5/7/2016 11:49:27 PM

(MENAFN- Khaleej Times) Jewellery vendors in the UAE are optimistic about sales on the occasion of Akshaya Tritiya despite many customers being cautious about spending.

"Akshaya Tritiya is considered to be the harbinger of prosperity and wealth. It is supposed to be the most auspicious day of the year for making any purchase especially with the Indian community. We are pretty optimistic about sales and expect robust sales growth of 10 per cent compared to last year" said Ramesh Kalyanaraman executive director of marketing and operations at Kalyan Jewellers.

Historically he said that Kalyan has seen that an upward price movement has not been a significant factor as buying gold is a very strong tradition in the Middle East.

"In fact we have been adding new showrooms to cater to the demand in the region" he noted.

"We are seeing a lot of demand for conventional and traditional jewellery that is presented in a modern way. Our Mudhra collection of intricately-handcrafted antique jewellery Nimah collection of temple gold jewellery and Anokhi uncut diamond jewellery has resonated extremely well with people" he added.

Kalyanaraman's observation was mirrored by Joy Alukkas chairman and managing director of Joyalukkas Group who said that the brand was actually seeing an increase in sales before Askhaya Tritiya.

"There are some attractive festive offers and special promotions that we have launched to excite customers like a gift with a purchase special prices and more. We are confident the sentiment attached with gold during the auspicious period of Askhaya Tritiya and our attractive offers will encourage shoppers to purchase gold and jewellery during this period" he said adding that the brand hoped that gold prices will remain steady so that the customer sentiment for gold and jewellery remains positive.

Asked about what customers are interested in buying Alukkas said: "The demand is predominantly for gold jewellery. Since gold holds a special place in the Indian culture and is also considered a smart investment this combination makes gold a must buy for most."

Shamlal Ahamed managing director of international operations at Malabar Gold & Diamonds agreed that the sudden increase in gold price did hamper customer sentiments for a few days but the brand was currently seeing a positive response.

"The purchase for Akshaya Tritiya is not adversely affected by the changes to the gold rate hence we expect a good sale this Akshaya Tritiya as well" he said.

"Customers are predominantly buying light weight products in gold diamonds and precious gems. There are also a segment of customers who are buying exclusive and designer jewellery."

Asked about where he thought gold prices were headed in the coming weeks Ahamed said: "There are multiple theories suggesting both upward as well as downward trend. However we are certain that gold will continue to increase in the long term."

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