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Bengaluru: Election Impact This Akshaya Tritiya 40% drop seen in gold jewellery purchases
In the wake of the assembly elections, the public has hesitated to buy gold ornaments on ‘Akshaya Tritiya’ as the election officials are keeping an eagle eye on the movement of money
Bengaluru : In the wake of the assembly elections, the public has hesitated to buy gold ornaments on 'Akshaya Tritiya' as the election officials are keeping an eagle eye on the movement of money. As a result, compared to last year, gold jewellery purchase transactions have slowed down by 40%.
This time Akshaya Tritiya has come on both Saturday and Sunday. However, on the first day, Saturday, 30 percent turnover was done, and on the second day, Sunday, 30-35 percent turnover was expected.
Checkposts have been set up across the state to curb irregularities in the wake of the implementation of the Election Code of Conduct. Restrictions have been imposed on the movement of money and jewellery. If found more than the limit, those items are confiscated. So people are not ready to buy jewelery this time.
It is not possible to buy jewellery for other auspicious ceremonies including marriage, house warming and naming ceremony. If more than Rs 20,000 is found, the election officials and police confiscate it. Hence, customers are not visiting stores to buy jewellery. Even if there is a digital payment system, if there is too much jewellery, it will be confiscated at the checkposts even if there are documents.
Karnataka Jewelers Association President Srikanth Kari says that the turnover has declined. Compared to South Karnataka, gold jewellery transactions were slightly higher in North Karnataka on Saturday. The number of customers was less in the morning. A large number of buyers arrived in the evening. Basava Jayanti was on Sunday and there is a possibility that the purchase would have increased on this day as well. But compared to last year, this time if both days are combined, the turnover will not exceed 60 percent, says Srikanth Kari.
A lot of gold jewellery transactions take place on Akshaya Trithiya. However, due to the implementation of the Election Code of Conduct, the industry has been hit. We had submitted a petition to the Election Commissioner before and after the implementation of the Code of Conduct. It is inevitable for jewelry owners to transport expensive items such as gold, silver, diamonds etc. from one place to another. Therefore, if there are necessary documents related to those items, we have requested to check them and give permission and permit for transportation. But this is not allowed at the check posts. Hence jewelery is not being brought from Bombay, Coimbatore and other parts. The office bearers of the associations have expressed great sadness that the industry has been hit hard by this.
