Akshaya Tritiya brings a gold rush into city’s jewellery stores
Residents in Bengaluru celebrated the festival of Akshaya Tritiya on Friday with much fervour this time despite the increased cost of precious metals, as jewellery stores observed an uptick of 20% in business this year.
The surge in customers prompted some establishments to even open food stalls for people waiting in line outside their shops. Naveen Koka, store manager at a jewellery showroom in Koramangala, noted, “Huge crowds came in, around 20 to 30 people every half hour, and the pattern continued throughout the day.”
Devashree, a salesperson at the same showroom said that gold coins, bangles and diamond pendants were popular among customers on the festival day.
T.A. Sharavana, president of Karnataka Jewellers Association, claimed that the purchasing power of the customers has increased. “Despite the 25% increase in the price of gold, there has been a 20% increase in the sale this year compared to previous years,” he said.
Re£ecting on the impact of rising prices, Murugesh, a resident from Shantinagar, shared his perspective while shopping at a store in Wilson Garden. “The increasing prices have impacted me, but there is not much we can do about it. This year, I am here to buy something small compared to previous years because I have always made purchases for every Akshaya Tritiya in the past, and I do not want to break that tradition,” he said.
While some bought jewellery because it was believed to be an auspicious day, others reported that they were at the stores for the discount. Saurav, customer at a store in Koramangala said, “Most stores o¦er good discounts on such occasions, so it makes sense to buy jewellery today.”
However, some jewellery stores said that given the signi¡cance attached to the day, discounts are not necessary to promote sales. Abhijith Raikar, manager at a jewellery store in Jayanagar, highlighted the substantial sales made on the day without the necessity of o¦ering discounts.
“Sales worth four to ¡ve days are made on this one day. Every year they wait for the festival, and we do not have to o¦er discounts either to draw customers in,” he remarked. He also acknowledged the customers’ preference for versatile designs in larger jewellery stores.
While bigger jewellery stores enjoyed good business, smaller jewellery stores said that their business has dulled down over the years owing to the advent of bigger jewellery chains. Jayanth, the owner of a store in Ulsoor said, “We have lost business because of big chain stores. Particularly for heavy items like necklaces, because they can provide over a hundred choices in varied designs, while we have limited options.”
The business at such smaller stores is mostly dependent on customers like Sudha, who prefer to shop here owing to “trust and authenticity factors.”