Andhra Pradesh: Lacklusture ‘Akshaya Tritiya’ for jewellers

Even though they offered hefty discounts, the footfall to gold shops has decreased this year owing to the high price of gold and the COVID threat, say jewellers

April 22, 2023 07:30 pm | Updated 07:30 pm IST - ONGOLE

Middle-class buyers showed little interest in making big purchases this Akshaya Tritiya, say gold shop owners in Ongole

Middle-class buyers showed little interest in making big purchases this Akshaya Tritiya, say gold shop owners in Ongole | Photo Credit: KOMMURI SRINIVAS

Come ‘Akshaya Tritiya’, women usually make a beeline for jewellery outlets to buy gold jewellery. But this time around, the enthusiasm the buyers showed was missing, with the gold price remaining high. The threat of another coronavirus outbreak could also have played the spoilsport.

Even as jewellery shop owners tried their best to woo the customers with discounts ranging from 5% to 20% and offering to do away with making charges, the sales have only remained dull this Akshaya Tritiya.

‘‘We have less footfalls this year compared to last year when the sales picked up after the lull caused by COVID-induced economic crisis and there are various reasons for this,’‘ says a leading Jewellery shop executive Naveen Chowdhary in a conversation with The Hindu.

Little interest from middle class

“We mainly target the middle class by giving attractive discounts. They showed little interest in making big purchases this time,” added another gold shop owner T. Prasad.

“Only a few customers bought gold on the occasion this year,” lamented another gold shop owner N. Balasubramanyam. However, affluent people made big purchases going by the analysts’ prediction that investment in yellow metal would be lucrative amid fears of global economic slowdown and high inflation looming large over 2024, he adds

High returns predicted for gold

Analysts have predicted returns anywhere between 10-15% in a normal scenario and 15-20% in a bull case scenario, with gold potentially testing a new high in the new fiscal.

Meanwhile, many spent the day holding special prayers, observing fasting and doing charities as per Akshaya Tritiya custom.

A massive ‘Sudharsana Yagam‘ was organised at the Tirupati Tirumala Devasthanams Kalyana Mandapam here to appease Lord Mahavishnu on the auspicious day. People who could not make big purchases bought turmeric and salt on the day.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.