It’s that time of the year when lovers of the yellow metal throng jewellery hubs in T. Nagar and Purasawalkam.
This year, jewellers said there would be a 20 per cent increase in sales in the run-up to Akshaya Tritiya — considered an auspicious day — on Tuesday.
However, unlike in previous years, this time, customers have not shown much interest in advance booking their favourite jewellery. Many jewellery showrooms have registered at least 40 per cent less bookings than last year.
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Jewellers say the everyday price fluctuations could be a reason for some people to refrain from advance bookings. On Saturday, one gram of 22-carat gold was priced at Rs. 2,528, which is Rs. 4 more than Friday’s price. For the past few days, the prices have been fluctuating by Rs. 20–Rs. 25 per gram.
K. Kavita, a resident of Mahalingapuram, plans to make a simple purchase this year due to her daughter’s educational expenses. “I started buying jewellery on Akshaya Tritiya day instead of on Deepavali for sentimental reasons. This year, I plan to buy gold coins,” she said.
However, jewellers expect good counter sales as the price of gold this year is lesser than last year’s. Jayanthilal Challani, president of Madras Jewellers and Diamond Merchants Association, said: “One gram of 22-carat gold cost Rs. 2,800 around this time, last year. The cost of the yellow metal may not rise much this time. We expect counter sales to be high.”
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The association has already installed over 50 closed-circuit television cameras on NSC Bose Road for better surveillance.
“In T. Nagar, police personnel have installed cameras at some spots, temporarily. We plan to install about 60 cameras on Usman Road by June,” he said.
Many jewellers have come up with offers like free silver equal to the weight of gold purchased, and discounts, to lure more customers.
N. Ananthapadmanabhan, regional chairman of All India Gems and Jewellery Trade Federation, said several showrooms have employed 25 per cent additional staff to cater to the rush of customers.
“Many people now prefer lightweight jewellery and exclusive collections for young children. Silver sales too pick up during Akshaya Tritiya. The boost in sales will continue till the end of the month,” he said.