A below par gold rush for Akshaya Tritiya

Good demand for antique and light weight jewellery pieces

April 22, 2015 12:00 am | Updated 10:43 am IST - PUDUCHERRY:

Spell of fortune:Customers at jewellery shops on J.N. Street on Akshaya Tritiya day in Puducherry on Tuesday.— Photos: S.S. Kumar

Spell of fortune:Customers at jewellery shops on J.N. Street on Akshaya Tritiya day in Puducherry on Tuesday.— Photos: S.S. Kumar

While customers shopping on Akshaya Tritiya on Tuesday welcomed the fall in the gold rate this year, jewellers in the town reported an average to good sale on the auspicious day.

Last year, the price for 1 gram of 22 karat gold was Rs. 2,800 on Akshaya Tritiya, while it was Rs. 2,520 this year.

Harish Nanwani from Tanishq confirmed better sales on Akshaya Tritiya this year owing to the drop in prices. Uma Shivshankari, Managing Director of Siva Valli Vilas said the drop in prices has prompted fewer customers to exchange old gold and instead buy new jewellery pieces with cash.

“We have seen good demand for antique and light weight jewellery pieces. As buying something in white is considered auspicious on Akshaya Tritiya, there has also been a demand for diamond jewellery and silverware,” she said.

For customers like K. Ramesh, a businessman, buying gold on Akshaya Tritiya is not just a tradition, but a ritual which adds to the family heirloom. “In silverware, we generally buy puja items on this day. With the favourable prices this year, we have bought a little more,” he said.

Customers buy gold on Akshaya Tritiya in the belief that it brings prosperity and good fortune.

However, P. Rajendiran of Thanga Maligai, who also heads the Pondicherry Jewellers Association, expressed concern that this belief could be taking a hit.

“At our store, there have only been sales of 40 per cent in comparison of what used to be during earlier occasions of Akshaya Tritiya. This is despite the fall in prices,” said Mr. Rajendiran.

Mukesh Kumar Jain of Pushpa Jewellers said that while sales have been good, it cannot be compared to the huge crowds Akshaya Tritiya used to receive in earlier years.

“Some years ago, customers used to buy gold jewellery on Akshaya Tritiya irrespective of the designs,” he said.

Mr. Jain also felt consumer confidence in Puducherry had fallen, with customers reporting financial hardships and business establishments not doing very well.

“We have been seeing more people pledging their jewellery in recent times. Some of them have said they had not been receiving their salary regularly,” he said.

The last couple of years had also seen a spurt of retail chain jewellers with large format showrooms.

Traditional jewellers say that customers still come to them for their regular small scale purchases.

“While customers may prefer shopping for weddings and big occasions at bigger stores, they come to shops like ours for smaller purchases as they know we have better variety in small ornaments,” said S. Arun, a fifth-generation jeweller of Maruti Jewels.

“We have built a relationship with our customers for years, and can customise and cater to their specific needs,” he added.

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