ADVERTISEMENT

Akshaya Tritiya: gold rate is no dampener

April 24, 2012 10:50 am | Updated 10:50 am IST - HYDERABAD:

Jewellers all geared up for the increase in footfalls today

EAGER BUYER: It is a belief held by many people that gold bought on AkshayaTritiya will bring riches and prosperity. Photo: G. Ramakrishna

Gold and jewellery shops in the twin cities are all geared up for increased footfalls on the occasion of ‘Akshaya Tritiya' on Tuesday. Jewellery merchants are looking forward expectantly to the increased sale of the yellow metal on the day which is considered “auspicious” by sections of the population.

Token quantity

It is a belief held by many people that any amount of gold bought on this day will bring in riches and prosperity. It is also customary in a few families to acquire token quantities of gold on the day.

ADVERTISEMENT

“Some customers buy just 0.5 or one gram of gold, and some up to 10 grams. In quite a few families, it is a tradition to buy gold on this day. Nowadays, with increased disposable income, people do not care much before spending,” says A. Sanjeeva Rao, the Secretary of AP Gold, Silver Jewellery and Diamond Merchants Association.

Gold has become costlier by over 60 per cent in the past two years, raising the bar considerably for the people in terms of affordability. From about Rs.18, 000 per 10 grams in March, 2010, the price has gradually scaled up to Rs.22, 000 last year and to Rs.29, 000 till now.

ADVERTISEMENT

Symbol of status

ADVERTISEMENT

However, that does not seem to deter people from acquiring the metal which is valued as much as a symbol of social status as it is for its speculative value. It is precisely this tendency of people that the jewellers, of late struck by the rising gold prices, are pinning their hopes. “Jewellery shops record 50 per cent additional sales over normal days on Akshaya Tritiya. Gold rate does not have much impact on the number of footfalls on this particular day. Spending the same amount of money, people may buy lesser quantities. But buy, they surely will,” says Kailash Charan, president, Twin Cities Jewellers Association.

This is a Premium article available exclusively to our subscribers. To read 250+ such premium articles every month
You have exhausted your free article limit.
Please support quality journalism.
You have exhausted your free article limit.
Please support quality journalism.
The Hindu operates by its editorial values to provide you quality journalism.
This is your last free article.

ADVERTISEMENT

ADVERTISEMENT