Akshaya Tritiya Triggers Gold Rush

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CHENNAI: (Thursday, May 12 2005 08:05 IST) - It was a day when many

women in the city could go jewellery shopping without groping for an

excuse. They had the best one: buying gold on Akshaya Tritiya is

auspicious for the family.

 

Jewellery stores in the city were thronged by customers, primarily

women, selecting new designs. The hype built up before Akshaya

Tritiya by jewellery stores almost convinced every shopper that at

least a bit of gold had to be bought on that day.

 

To that end, small pieces like ear-rings, nose-rings and finger-

rings were the most popular purchases. Light weight jewellery was

also a hit among the shoppers. Some women also purchased gold coins

or small lockets to add to their mangalsutra.

 

Says Rajesh Vummidi of VBC Jewellery, T Nagar: "Business has been

brisk. We opened the store at 6.30 a.m. and have been having a

steady stream of customers."

 

There was brisk shopping in T Nagar – the shopping hub of the city –

with Usman Road, Panagal Park and Pondy Bazaar witnessing a large

turnout of buyers. Even crossing the road had to be regulated by the

police. Traffic police came for much praise from the people as they

regulated parking and prevented congestion in the crowded roads.

 

People swarmed in and out of major stores such as GRT Thangamaligai,

LKS Gold House and Lalitha Jewellery, Prince Jewellery, Rathna and

Saravana. Said Josephine, who had come to shop for bangles: "My

friends recommended that shopping in the big stores was better

because of the variety of designs."

 

Gold prices were about Rs 570 per gram at big gold houses. Bargain

store Saravana offered a reduction of Rs 40 per gram while Rathna

offered a Rs 30 discount. Smaller gold stores also wooed customers

by offering about Rs 35 discount per gram.

 

Customers, who had planned their purchases for Akshaya Tritiya, went

in for the pre-booking schemes offered by gold houses. S Manoharan,

floor manager of Prince Jewellery, said that a separate counter had

been created for delivery of the pre-booked jewellery. "I think

business has trebled on Akshaya Tritiya when compared to a usual

day," he said.

 

Those who did not have money for Akshaya Tritiya purchases this year

made sure that they would not lose out next year. Several shoppers

enrolled themselves in the chit schemes offered by jewellery stores.

 

Says V Bala, who came shopping with her husband and 8-year-old

daughter, "We decided to go in for a Rs 500 monthly installment

scheme. We also got a silver coin when we enrolled in the scheme.

Next year, we will buy jewellery."

 

Gold coins were popular purchases. Several gold houses had set up

exclusive counters for sale of gold coins. Most jewellery stores

also had big banners outside the stores saying 'No making

charges'or 'Stones come free with jewellery purchase'.

 

Regular customers decided to indulge in something extra at their

favourite gold shops. Sargunam Joseph, a teacher at Holy Angels

School, wanted to buy a necklace and a pair of bangles but ended up

buying a finger ring too!

 

The gold craze was also cashed in by automobile dealers and

electronic goods stores. Free gifts of gold coins were offered along

with cars, washing machines and air-conditioners.

 

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