T. Nagar, a prominent jewellery hub in the city, wore a deserted look a day before Akshaya Tritiya. “Last year, around this time, jewellery shops were crowded and people had to wait for hours to pick their gold. But this year, the lockdown has hampered our business,” said a jeweller on North Usman Road.
While most jewellers decided to stay shut on the auspicious day this year, a handful took the online route. Those who went online called it an e-Akshaya Tritiya. GRT Jewellers sent out an SMS to all its customers, urging them to buy gift vouchers online.
“Any reduction in price at the time of purchase at a GRT showroom, post-lockdown, will be refunded,” the jeweller assured.
Tanishq, a jewellery brand from the house of Tata, has said that consumers can shop from its e-commerce platform and once services resume, they can either opt to go to the store and pick up their jewellery or get it delivered at their doorstep. Tanishq has also introduced a video-calling feature and a live assisted chat on its website. Kalyan Jewellers has come out with a Gold Ownership Certificate that can be purchased on the company website on or before Akshaya Tritiya.
Though there is noise on social media about e-Akshaya Tritiya, old-timers pointed out that the formula would not work. A prominent jeweller said that the Tamil Nadu market was different. “For people here, gold has an emotional connect...it has to be purchased on a particular date and time. I’m sceptical about this online trend,” he said.
A.Sugahasini, a regular buyer during Akshaya Tritiya, said she was staying away from gold this year. “Until last week I wanted to buy at least one sovereign of gold but considering the lockdown I have now changed my mind. My husband has got only 60% of his salary. So priorities have changed,” she added.
Several middle class women who save the entire year for this auspicious day had a similar opinion. “When there is uncertainty about what would happen a week from now, gold is not even on my mind this year,” said Jeyalakshmi a housewife in T.Nagar. Also, gold prices have increased when compared to a year ago, she added. Ms. Jeyalakshmi has been investing in a gold scheme where she has been depositing Rs. 5,000 every month with her jeweller and is looking forward to buy something with that once the shops re-open.
Jewellers said that those who have invested in monthly schemes for Akshaya Tritiya can come and purchase when the shops open. Many jewellers said that the dip in sales would continue atleast for the next three months and would stabilise during Diwali. “With marriages being put on hold, gold consumption for weddings have also dipped,” said a small time jeweller on North Usman Road.
