Akshaya Tritiya: Gold sale increases 30 per cent in Chennai
Industry sources said that the unprecedented price hike did not affect the sales as most of the gold which were sold on the day was pre-booked in the city.
Representative Image (Photo: Hemanathan.M)
CHENNAI: When it comes to investments, Gold continues to be a sort after product for Chennaiites.
The Akshaya Tritiya marketing camapign done by the traders in Chennai had yeilded positive results and this year the traders have witnessed a 30 percent increase in the sale of yellow metal, when compared to the previous year.
For more than a month the gold rates have been high and on the day of Akshaya Tritiya it peaked.
Industry sources said that the unprecedented price hike did not affect the sales as most of the gold which were sold on the day was pre-booked in the city.
"When compared to last year, the sale has increased by 30 percent. The sale of gold was 80 percent in jewellery and 20 percent in gold coins. On Friday there was an increase of Rs 155/gram when compared to Thursday and the rate was Rs 6770 per gram in the city. Nearly 80 percent of the customers purchased through pre-booking and received in the amount that they booked. This year traditional jewellery had a huge demand among the customers," said Jayantilal Challani, president of the Jewellers and Diamond Traders Association of Madras.
The gold rates are affected due to the geopolitical conditions globally and events in India does not affect the rates, added Challani.
The jewellery's 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. Cashback and other offers were given as part of the Akshaya Tritiya which attracted more customers. Also, there has been an increase in the demand for purchases through e-commerce. Customers purchase light weight jewellery and coins mostly online. In the shops more demand was for antique necklaces and jewellery" said Anish Varghese, Deputy General, Marketing of Joy Alukkas.
There has been a huge sale for the diamonds also, he added.