Gold sales shine on Akshaya Tritiya

CHENNAI: Major cities in the country appear to be reeling under a gold rush in the last two days. Considered an auspicious occasion for investments in gold, Akshaya Tritiya saw a new trend this year with more number of customers making a beeline for platinum or ‘white gold’. Leading jewellers in Chennai are already expanding the customer reach by introducing light-weight items, even as the occasion’s popularity is making inroads in neighbouring states and places like Ludhiana. World Gold Council vice-president K Shivram said this time, the gold sales are expected to see a 15-20% surge over last year’s figure of 35 tonnes. “The interior markets have been tapped through good communication. The celebration has even touched places like Kerala, Karnataka, Andhra Pradesh, Chandigarh, Punjab, West Bengal and Madhya Pradesh,” he told ET here on Friday. Apart from the 1% value-added tax advantage that Tamil Nadu has over Kerala (4%), the retailers’ feedback reflect that there has been a pronounced increase in the credit card use for purchase during Akshaya Tritiya compared to last year, he added. Delhi-based gold souk chain Aerens Gold Souk director G S Pillai said: “The festival largely, popular in Tamil Nadu, due to historic reasons, is now fast-spreading to other parts of south since three to four years. It is another occasion to sell jewellery. A couple of outlets in Ludhiana was crowded. Even in places like Kolkata and Delhi there has been a surge in sales of gold jewellery during the Akshaya Tritiya period.” In Mumbai, the response has been terrific and shops have closed well past midnight, Mr Shivram said adding that outlets in Middle East too have seen a similar trend, with timely communication targeting the Indian community. “Pre-booking offers have been more visible in the market. But the trade has been managing the resources very well. Better inventory management and segregation of coins and other items have also helped. It is also the time for new collection launches when jewellers offer a huge range of designs,” he said.