Mangalore witnesses the great gold rush

The gold prices are skyrocketing day by day. There was a time when even Rs 5,000 per 8 gram was considered a bomb. On the contrary, when the prices have touched nearly Rs 22000, people continue to throng the jewellery shops and the shops too are mushrooming.

In fact, the gold business in Mangalore has reached a new height with more and more jewelry showrooms coming up in the city as gold has turned out to be a hot and profitable business.

According to experts, more than 100 kilogram of gold is being sold in Mangalore every month, a trend started about 10 years ago, after multinational jewelers opened shops in Mangalore. The arrival of different firms, increased the competition as well, which in a way benefited the customers. At the same time, the jewelers too were forced to maintain the quality.

Quite interestingly, almost all the leading jewellery showrooms have purity analyzer and the customers can check the quality using the machine in the showroom. “People in Mangalore are always fond of traditional ornaments. The youth like trendy and accordingly, the jewellery shops too are having a collection of both traditional as well as modern ornaments which have a cosmopolitan look,” opines Jos Alukkas Show Room Manager Glinto Johny.

There is another interesting aspect. Though women are the traditional customers of gold, the number of males visiting the showrooms too is on the rise. Most of the men opt for Punjabi Kada, bracelet and chains. Youth are more interested in diamonds and platinum ornaments which look simple, say jewelers.

Gold as an investment

Apart from the jewellery, gold has also turned out to be a safe investment in which one can convert it in to currency at any given point of time. Probably this fact must have persuading the people to buy more gold nowadays, opines Euro Gold Director Sajjad and adds that the banks too always prefer gold deposit for loan.

Customer is the king

In olden days, only the rich people used to go for purchase with confidence. On the other hand, those planning to buy a small quantity of gold were reluctant to go to big showrooms. But the scene has changed. Now, the customer is the king. In this scenario, many jewelers are giving training to their showroom employees on how to behave with the customers. One of the jewelry groups even started a training college for their employees wherein they are undergoing training on hospitality.

“The customer may be coming to buy one kilogram or one gram of gold. We are treating them equally. All are our guests,” opines Malabar Gold Managing Director Subair.

“A small change on our face might make the customer unhappy. So, we have to handle the things very carefully,” he adds.

Trust and transparency is the new slogan of jewelers and the customers too are giving importance to this factor. “People do not rush to any shop where gold is available for cheaper price. The foremost aspect a customer looks for is quality and value for the money,” opined a customer and added that the customers now have knowledge of gold and its market.

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