Jewellers to cash in on Akshaya Tritiya | mumbai | Hindustan Times
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Jewellers to cash in on Akshaya Tritiya

mumbai Updated: May 10, 2013 01:29 IST
Sneha Koshy

Even if the protest by shopkeepers against the local body tax (LBT) is not called off by Monday, jewellery stores will remain open on Monday.

Jewellery shops, which have remained closed for the past four days, are hoping to cash in on the shopping fervour during Akshaya Tritiya on Monday.

On Akshaya Tritiya, considered to be one of the most auspicious days of the year by many communities, purchasing gold is a must. “Purchasing gold on Akshaya Tritiya is a tradition I have followed for several years so I will purchase some gold on Monday even if it is just one gram,” said Medha Jorapur, a resident of Andheri.

To cater to gold shoppers such as Jorapur, the Mumbai Jewellers Association said they will remain open even if the strike against LBT continues. The jewellers expect large sales of gold, especially since gold prices have fallen considerably.

Pradeep Solanki, owner of Zaveri Kapoorchand Dalichand at Dagina Bazar said, “Compared to last year, we have seen a 10-12% increase in our bookings for Akshaya Tritiya. If we don’t open our shops, it would cause a major inconvenience to our customers.”

Jewellers said there was a 30% increase in the advance bookings for gold this year. Kumar Jain, vice-president of jewellers association said, “We will request the association that is protesting against the tax to give us permission to remain open on Monday.”

Siddhartha Sacheti, owner of Jaipur Gems on Hughes Road, said, “We will support our

association’s decisions completely. If the association asks us to remain open on Akshaya Tritiya, we will do so. This protest is against a tax that is completely unnecessary. The proposed tax does not benefit anyone, not even the government.”