Gold waiting to glitter in north Chennai

CHENNAI: Almost after two years of the COVID-19 pandemic, jewellery shops in North Chennai are gung-ho about Akshaya Tritiya. However, their expectations failed as they witnessed tepid advance bookings and enquiries ahead of auspicious day.

Shop owners said only a few in north Chennai believe in buying gold jewellery on the auspicious day, but for majority it is just another day. Usually, the sales pick up one day in advance of Akshaya Tritiya, but this year the market is dull, admit small gold retailers in this part of the city.

“Three years ago, we witnessed a brisk sale for Akshaya Tritiya as people believed that they would save more gold if they buy jewellery on this day. At least for two-three days, the shop would be crowded,” said B Nirmal Kumar, a salesperson at Ganesh Jewellery in Old Washermenpet.

The pandemic induced lockdown had affected the public and their economy and they have stopped buying gold jewellery in general which is reflecting on an auspicious day too, he added.

At least 80 per cent of the customers in north Chennai buy gold jewellery and the remaining prefer silver products. But now, they are no more investing in gold, as they rather prefer saving money, he added.

“The sales have dropped drastically. Earlier, people used to invest in gold, but nowadays they are more keen on saving money. Majority of people have lost their jobs during the lockdown, and they did not have enough money to survive as they ended up in debt. So, they chose to save money instead of purchasing gold jewellery on a random day,” said D Mukesh Kothari, Proprietor of Indra Jewellery, Royapuram.

The jewellery shops are expecting the customers would buy gold jewellery on Akshaya Tritiya. After they had a dry sale on Monday, now they are worried. Earlier, people bought gold to save for the future. But now their preference has changed. Cash liquidity in the hands of customers is also an issue, Kothari added.

“Nowadays people are well-planned besides being knowledgeable when buying gold. We are reaching out with better trendy products and prices for jewellery,” said Udhayakumar Vummidi, President, Chennai Jewellers’ Association.