Indians’ weakness for yellow metal is an open secret. And for many, Akshaya Tritiya is the most auspicious day for gold purchases. What could generate more interest in gold this Akshaya Tritiya is that prices are slightly down when compared to last year. Jewellers in the city who expected to cash in on the public sentiment and make some fast bucks are disappointed that the glitter of the gold could not lure many buyers to their outlet. “This year, we have witnessed 20-30 per cent less purchases in our Vijayawada showroom. This could be because the hype surrounding gold is fading and people don’t seem to be much interested in buying it anymore. The trend is clearly changing. The belief in the past that purchase of gold this day is auspicious is diminishing. This dwindling belief coupled with a lull in the market and a dull real estate is contributing to the dipping demand. Gold business ultimately depends on the real estate; if the former is dull, it has a cascading effect on the latter,” says S. Devarajan, Head Merchandising Planning, Kirtilals.
The swanky jewellery showrooms in the corporate sector garnered all the benefits of this once-a-year important occasion, rues Dhanala Kota Srinivasa Rao, president of Swarna Bazar, a jewellery showroom set up by Sri Viswakarma Gold Ornaments Manufacturers (Goldsmiths) Industrial Co-op Society Ltd.
“Most of the showrooms announced attractive offers which lured the buyers into making a beeline to their outlets. Last year, sales were slightly better. This year, we unsuccessfully tried to mobilise buyers through WhatsApp, asking people to buy gold biscuits from the showrooms and come to us for making the articles,” he says with a wry smile.
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Aji, Manager at Jos Alukas Showroom in city, however, expressed satisfaction over the public response.
“Temple collection and uncut diamonds were much sought-after pieces. There was a good crowd, perhaps because of the advertisement we have been giving,” he smiles.