Akshaya Tritiya attracts footfalls in hordes at TN jewellery

A slew of discounts and stable gold prices attracted footfalls in hordes at hundreds of jewellery shops across Tamil Nadu on the auspicious occasion of Akshaya Tritiya Tuesday. Though jewellers say all footfalls are not to be mistaken for sales - an industry body said it has witnessed over 20 per cent sales growth across the state compared to last year.

According to jewellers, many consumers thronged shops to pick pre-booked jewels and to buy token items like gold coins on the auspicious day. "Various factors come into play for the demand. For the last two to three months, the cost of a sovereign (8 gms gold) was more than Rs 26,000.

Today it is Rs 2,000 cheaper. Jewellers have also given discounts upto Rs 1,500," Madras Jewellers & Diamond Merchants' Association President Jayanthilal J Challani said. "There is a good response this season. Can say there is over 20 per cent increase in sales in the state, compared to last year. The response is even better in southern parts of the state," he said.

Many of the shops in Chennai were kept open between 7 am and 11 pm on the day. Amarendra Vummidi of the Chennai-based Vummidi Bangaru Jewellers said sales was almost the same as that of last year.

"This year, most of the purchases have been planned already. The number of footfalls has been less at our outlets, but the conversions (pre-booking to purchase) have been exceptional. Very few clients were walking in, making selections and purchasing," Vummidi told PTI.

Currently, a sovereign of gold costs around Rs 24,000, while a gram of silver costs Rs 40.20. Kalyan Jewellers Chairman and Managing Director T S Kalyanaraman, in a statement, said the demand can also be attributed to auspicious wedding dates that 2019 had as opposed to last year.

"Families prefer to initiate their wedding purchases on Akshaya Tritiya, so we have also got traction with our wedding line as well," he said.