Slump in sale of gold items on Akshaya Tritiya

Chennai

Amid the surging gold price, consumers settled for small ticket items like rings and coins. Jewellers in the city, despite their huge publicities wooing people to flock their stores with attractive offers and discounts, were not that optimistic about the sales.

“This time around, sales are down by 30 per cent, owing to the restrictions by the Election Commission on carrying cash,” said the traders.

The one per cent excise duty on gold and diamond jewellery, levied by the Centre is also said to have had an impact on sales, though some of the leading jewellery chains have opened their shops as early as 7 am on Monday.

“Though we expected a 20 per cent increase in sales, business was expected is much lesser than usual because of the Assembly elections,” said  Jayantilal J Challani, Madras Jewellers and Diamond Merchants’ Association President.