Gold glitters for Tiruchi's jewellery businesses on Akshaya Tritya
'This has been a good year for customers who had pre-booked their purchases, as the gold rates would also be fixed for that day. Gold jewellery savings schemes have also helped those who are on a budget, to plan ahead,' S. Vadivu, general manager, Tanishq, told The Hindu.
Ms. Vadivu added that several buyers in Tiruchi waited specifically for Akshaya Tritya to make their purchase. 'Buying gold on this auspicious day is believed to bring good fortune,' she said.
Traders said that the price of 22 carat gold dropped to ₹8,975 per gram in the afternoon on Wednesday, from ₹8,980 in the morning.
'The price fluctuation late in the day may not reach the ordinary customer. However, we expect bulk gold buyers and ornament manufacturers to benefit from the price drop. In the long run, the gold must become cheaper in order to sustain business,' said J. Rajnikanth, a city gemmologist and entrepreneur.
At GRT Jewellers, Akshaya Tritya yielded average business as most customers were finding 22 carat gold unaffordable, said a store official. 'We have started offering ornaments in 18 and 14 carats for those who are on a budget, as even a small difference in pricing can help in saving money,' he said.
Industry sources said that despite gold prices in India being hit by volatility in the global markets, the yellow metal was still an attractive investment for many people.
'It is the most preferred purchase for those who want to save their disposable income. Gold can be transported or encashed on demand, unlike immovable assets. People prefer to buy gold irrespective of their economic background. Akshaya Tritya is considered to be an auspicious day for this,' said Diljit Shah, managing partner, N. Gopaldas Jewellery.
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