Few takers of silver and gold rakhis
Prayagraj: This Raksha Bandhan , the soaring prices of diamonds, gold, and silver has left the jewellers community in a catch 22 situation as the sale of gold and silver rakhis recorded the lowest mark. Jewellers claimed that the prices of one gram gold rose up Rs 20,000 in past 10 days, selling Rs 1.60 lakh per 10 gram. Similarly, prices of silver has too gone up Rs 13,000 per kg in the same period.
President of the Allahabad Jeweller’s Association Dinesh Singh told TOI, “The sale of gold and silver rakhis was severely hit due to rising prices of gold and silver”. Depsite making unique collections of silver and gold rakhis, the sale has not picked up ahead of the festival leaving city based jewellers perplexed. He added “ jewellers are facing worst situation in markets as there were no customers despite making adequate stock. He asserted that this Raksha Bandhan, customers, particularly urban women, are shying away to shell out extra bucks to opt for designer and stylish gold and silver rakhis.”
While a designer silver rakhi is available between Rs 1000 and 1,500, a gold rakhi of one grams is available for Rs 15,000 in the market. Singh said, “Gold rakhi are available in 15, 18, and 20 grams but there was no takers. On August 28, a unique combination of the ‘Shatabhisha Nakshatra’ and ‘special yoga’ will occur.
Stay updated with the latest Prayagraj news.
Jewellers claimed that “ They were anticipating a business of Rs 2 to 3 crore in jewellery markets this Rakshabandhan in Sangam city alone,” added Singh. A jeweller having a shop in Civil Lines said that rising prices of gold and silvers has restricted the customers to visit jewellery shops. Traders selling rakhis at civil lines said that the demand of cotton rakhis was more compared to other materials. Tying the sacred Raksha Sutra (protective thread) amidst these celestial alignments is considered especially auspicious and rewarding, according to astrological beliefs.
The majority of gold and silver rakhis are being brought from Kolkata, Mumbai, and Delhi for sale in UP markets. The fact was that these rakhis were brought as per the requirements of women customers from metropolises. Rakhis can be worn as a bracelet or a pendant in gold. Meanwhile, the markets are flooded with designers cotton rakhis. This Raksha Bandhan—a festival celebrating the unbreakable bond between siblings— will also bring with it a special astrological alignment. Additionally, the moon will be transiting through Aquarius, the zodiac sign ruled by Saturn. The Bhadra period will also conclude before sunrise. Download the TOI App.
He added, “ Diamond, gold or silver rakhi was earlier a craze among higher middle class and upper class till last year but this year, we are sittling idle in absence of customers.