Hit by a 21-day strike against the excise levies, gold retailers in the City are leaving no stone unturned to lure customers to buy gold for the upcoming Akshaya Tritiya by offering discounts.
Most of them will keep the stores open from early morning till midnight on that day.
Akshaya Tritiya, the third day of the new moon of Vaishakha month (April-May), is considered to be one of the four most auspicious days of the Vedic Calendar. This year, Akshaya Tritiya which means ‘the never diminishing’, falls on April 24. Gold bought and worn on the day are believed to bring never-diminishing good fortune.
Jewellery retail major Tanishq is offering a free gold coin with every jewellery purchase. For purchase of diamond jewellery worth Rs two lakh and above, customers can purchase a flat at 10 per cent discount.
Abaran Jewellers has launched the ‘Bliss Collection’ - an exclusive range of bridal jewellery. CEO of Abaran Jewellers, Pratap Kamath told Deccan Herald that: “Jewellers expect demand to rise this month due to the wedding season and Akshaya Tritiya as the buying behaviour has not been buoyant lately.”
Gold prices this year are substantially higher compared to the last Akshaya Tritiya, when the price was Rs 22,000 for 10 grams. Bangalore Jewellers’ Association President S Venkatesh Babu candidly admitted that the concept of Akshaya Tritiya was “promoted and marketed by World Gold Council (WGC) and it has impacted even overseas.”
“The mood of the customer is dampened as gold prices have appreciated to Rs 27,000 per 10 grams, an increase of 22 per cent compared to last year’s price. But we are expecting this Akshaya Tritiya to turn the table,” Babu added.
New schemes
Some of them have launched new schemes that promise to cushion the price rise. Diamond major Kirtilals launched a scheme for securing your child’s future through Ayushmati-Diamond investment plan and Aanandham Gold Investment plan spanning over a period of 15 months. The first installment is absolutely free.
Kirtilals also announced offering of a free eternal diamond pendant with the purchase of diamond jewellery worth Rs 1,00,000. Free ring on purchase of gold jewellery worth 80 grams, free pendant on purchase of 40 grams of gold jewellery and free nose ring on purchase of 20 grams.
Jewellers made a business of approximately Rs 300 crore in the City last Akshaya Tritiya as gold and silver are considered as best investment compared to other commodities, Babu added. Sandeep Kulhalli, Vice President - Retail and Marketing, Tanishq said, “In spite of the hike in gold prices, we are expecting our sales to go up robust.
The affordable diamonds campaign may bring in more business to Tanishq.”
With competition getting stiffer, retailers like Malabar Gold & Diamonds are offering assured gifts. The World Gold Council has announced that it is working in partnership with India Post and Reliance Money to celebrate Akshaya Tritiya, by offering consumers a special discount at 6 per cent on the purchase of gold coins from India Post offices.
Free gold coin
Joyalukkas is also offering a free gold coin with every Rs 25,000 jewellery purchase and customers can book their jewellery in advance and get a surprise gift.
Irrespective of soaring prices, traditionally we are forced to buy gold and Akshaya Tritiya is one the auspicious occasion, says Priya Nair, a customer.
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