The whole of Gujarat will be in the grip of a massive gold rush on Sunday. And, Ahmedabad, one of the most prosperous cities of the state, is all set to see a sale of more than 200-kg gold, worth Rs65 crore, on the day of Ravi Pushya Nakshatra.
Compared to previous year’s Pushya Nakshatra, gold is expensive by Rs1,500 per 10 gm this year. Last year, the yellow metal sold for around Rs30,500 per 10 gm, whereas on Sunday, it would be sold for around Rs32,000 per 10 gm.
The auspicious period — Pushya Nakshatra — is also known as Ravi Pushya Nakshatra, which is believed to be the best time of the year for buying assets. Experts from the industry believe that there is a saying that whoever buys gold on Ravi Pushya Nakshatra, survives for generations.
The auspicious period of Ravi Pushya Nakshatra began around 4.30 pm on Saturday and will last till 7.30 pm on Sunday. “Almost every jewellery store on CG Road, Ashram Road and even in the city, witnessed a rush for gold on Saturday evening. Now, with the auspicious period falling on Sunday, we are expecting more rush from morning onwards,” said Rajnikant Chokshi, director of the Choksi Mahajan Association of Ahmedabad.
On Pushya Nakshatra, it is expected that the demand for gold jewellery would be much higher than the demand for gold coins and bars. Banks and post offices are not selling coins and hence the demand may divert to jewellers. Overall sale is expected to come down by 20% to 30% this year, said Manoj Soni, director of AB Jewels.
“The average sale of gold on Pushya Nakshatra every year stands between 225 kg and 250 kg.
This year, it is expected to come down between 175 kg and 200 kg,” he said.
For buying jewellery on Sunday, many customers have booked it well in advance. “Customers have already chosen the design and booked 10 days ago. Beyond that, many walk-in customers are expected. Showrooms in the city will open around 8 in the morning and stay open till late night,” said Deepak Chokshi, secretary of the All India Gems & Jewellery Trade Federation, Gujarat chapter. Usually, of the total sale of gold in Ahmedabad, bullions contribute around 30%.
“This year, it may come down to less than 20%. We are expecting lightweight jewellery to have the maximum demand, particularly ring, pendant, chain or earring,” said Shanti Patel, president of the Gem and Jewellery Trade Council of India.
This year, the supply of gold has fallen by over 50% due to government restrictions.
“There is already a shortage of gold in the bullion markets. Moreover, the demand is likely to remain sluggish due to the slowdown of the economy and negative sentiments.
Meanwhile, gold prices have shot up by over Rs1,500 in this festive season. With all these factors, we are expecting the total sales to remain down,” said Chokshi.
On Pushya Nakshatra last year, gold cost Rs30,500 This year, it is at Rs32,000
50% is the fall witnessed in supply of gold due to government restrictions
On Pushya Nakshatra, it is expected that the demand for gold jewellery would be much higher than the demand for gold coins and bars.