Gold sale sees 30% surge on Akshaya Trirtiya

CHENNAI: As gold continues to be a sought-after product of investment for Chennai people, on the occasion of Akshaya Tritiya gold sales have witnessed a 30 per cent increase in comparison to the previous year.

As the gold rates continued to be high for more than a month, the rates peaked on the day of Akshaya Tritiya. The trade sources said that the unprecedented price hike did not affect the sales as most of the gold sold on the day was pre-booked in the city.

“The sales have increased by 30 percent when compared to the previous year. The 80 per cent was sold in jewellery and 20 per cent in coins. The rate was Rs 6,770 per gram in the city with an increase of Rs 155 on Friday compared to Thursday. Nearly 80 percent of the customers purchased through pre-booking. Traditional jewellery had a huge demand among customers this year," said Jayantilal Challani, president of the Jewellers and Diamond Traders Association of Madras.

The global geopolitical conditions impact the gold rates and the national event didn’t affect the rates, added Challani. The jewellery shops in the city also came up with various offers like discounts on making charges, cashback, and gift vouchers for purchasing diamond jewellery after mentioned amounts. E-commerce is also gaining popularity among buyers and many prefer online shopping now. There has been a 25 percent increase in sales on Friday compared to last year. The cashback and other offers given as part of the Akshaya Tritiya attracted more customers. Customers purchase lightweight jewellery and coins mostly online.

“Antique necklaces and jewellery were in more demand in the shops," said Anish Varghese, Deputy General, Marketing of Joy Alukkas.