Recession is no dampener of faith, proves the jewellery sales on Akshaya Tritiya. Jewellery shops, banks, and Post Offices in the city witnessed record sales on the day.Recession seems to have increased the demand for gold, as it has emerged as a unique monetary asset.
Akshaya Tritiya was not very popular in the State some 10 years ago. However, marketing innovations which made use of religious beliefs have attracted many new customers. Gold shops recorded 15 to 20 times sales compared to those on normal days. ‘’Sales on the Tritiya day almost equalled to our annual sales,’’ said the manager of a leading gold shop with branches across the State.
Jewellery shops across the city were flooded with customers. Majority of the sales were in the leading gold-houses such as Bheema, Alukkas, and Josco while small shops remained deserted, thanks to the marketing strategies of big shops, including promotional offers, discounts and hallmarked jewellery. Diamonds and white-gold sales were also high on the day.
Gold price was Rs 1,380 compared to Rs 1,130 last year. But, the rise in prices had not been a deterrent for the buyers. ‘’We purchase gold on this day every year. It is a belief and prices do not matter,’’ says Radhika, a housewife.
Shops had put on sales coins from 0.5 gm to 8 gm targeting customers of various income levels. Majority of the coins had Mahalakshmi, the goddess of wealth, inscribed on it. Various banks including SBI, ICICI, HDFC, and Post Offices offered a variety of investment options in gold by issuing gold bars and gold coins.
Gold is fast establishing as an alternative investment option, as recession has hit other investment areas.
Akshaya Tritiya falls on the third day of Vaisakha month. The Deities being worshipped on the day are Lord Balarama goddess Mahalakshmi and Lord Kubera. It is one of the four most auspicious days in the Hindu calendar.
Source: expressbuzz.com
