(Image source from: Where is the gold rush this Akshaya Tritiya?})

The jewellery markets never looked this deserted during Akshaya Tritiya. Gold retailers, big and small, who have been waiting for this time for the buyers to flock the stores are heartbroken by the dismal turnout. Now the big question is, what happened to the gold rush during Akshaya Tritiya?

The reasons for poor show are many. Blame it on inflation, elections, market uncertainties, price hike, ban on the sale of gold coins, increased duty on gold import and other curbs imposed by the government to restrict gold imports to control the current account deficit, gold seems to have lost its sheen among buyers.

"There's no doubt that gold sales have slackened this time. The model code of conduct is in place and so there isn't much liquidity in the market. Besides, government policies, like the 80:20 policy introduced last August which meant that we had to export 20% gold and import just 80%, have added to the retailers' woes. But the wedding season has arrived and the share market's doing well; so, the gold market may also show an upward trend soon," said Vijay Khanna, of Khanna Jewellers, New Delhi.

Gold retailers elucidate that elections have put a lot of money, and  purchasing power, out of market. Traders are cashing in on a stable government to come to power and announce new policies to end the uncertainty. For now, gold retailers are hoping that temperate weather and some respite from heat could help attract customers come in. And with the wedding season nearing, the dry spell might just be a better of days.

AW: Suchorita Choudhury