Prices don’t matter on Akshaya Tritiya
dubai — Despite the high gold price, gold jewellery retailers in the UAE are expecting a big leap in their businesses today on the occasion of Akshaya Tritiya. The Hindu belief that buying gold on this auspicious day will bring prosperity and luck in their lives encourage people from the Indian sub-continent to spend their money on the precious yellow metal.
Jewellery retailers have been using various advertising and marketing incentives using celebrity brand ambassadors to lure customers to their showrooms. Kalyan Jewellers, a recent entrant into the gold trade, is offering 30 Audi A3’s for customers across the GCC and India, through raffle draws. Malabar Gold and Diamonds has had a GCC wide campaign offering up to 30kgs of gold in 18 days with promotion ending today. Sanjay Jethwani, managing director of Meena Jewllers, said: “Being a festive Friday, the sales will be three to four times than normal days. Price does not matter and the current price is not that high. Some might exchange their old ornaments to get new jewellery.”
Joy Alukkas, chairman and managing director of Joyalukkas, a leading jewellery chain with 120 worldwide outlets, said the jewellery trade was waiting for Akshaya Tritiya, one of the special occasions where retailers give special promotions and offers. “Taking advance booking by paying ten per cent, giving free gold coins and creating special designs
Price does not matter and the current price is not that high. Some might exchange their old ornaments to get new jewellery.” Sanjay Jethwani, managing director, Meena Jewllers
are among the various incentives that we offer on Akshaya Tritiya. Since Indian family members who live in Dubai for six months can carry gold worth Rs100,000, we expect good sales.”
TS Kalyanaraman, chairman and managing director of Kalyan Jewellers explained his retail campaign saying that “customers buying gold jewellery worth Dh500 will receive one coupon and those buying diamond jewellery will receive two coupons. On purchase of gold jewellery worth Dh2,500, customers get one gold coin free and those buying diamond jewellery for Dh2,500 will receive two free gold coins. Winners will be chosen through mega raffle draws that will be held at the end of the campaign period.”
“Buying gold on Akshaya Tritiya is not just a commercial decision for many buyers. Lot of families are visiting Dubai during this time of the year and it would reflect in the market,” said Sunny Chittilappilly, owner of Chittilappilly Jewellers.
sathish@khaleejtimes.com