GOLD RUSH: With Akshaya Tritiya fast approaching, the sale of jewellery in Bangalore has gone up. — Photo: Sampath Kumar G.P.

Bangalore: More than 20 major jewellery shops in Bangalore and their branches in the city are participating in the ongoing `Karnataka Gold Festival 2006.' The festival will culminate with the Akshaya Tritiya, which falls on April 30 when it is considered auspicious to buy gold, as the belief is it will bring prosperity in the year ahead.

Leading jewellers like Neelkanth are happy because the festival and the auspicious day this year coincide with the marriage season; more than the usual amount of bridal jewellery is getting sold.

Akshaya Tritiya, according to the Hindu almanac, is the third day of the moonlit phase of Vaishaka and among the most auspicious days in the year. Irrespective of the religious aspects, over the past few years it has become an occasion for "gold rush" at all jewellery shops.

Gold prices have touched an all-time high of around Rs. 930 per gram; it was a little over Rs. 500 per gram at this time last year.

This has certainly not deterred buyers, because the rising prices only reinforce their belief that gold is a sound investment, jewellers say. The gold festival itself has a prize offer; for every purchase of Rs. 2,000 a customer gets a coupon and when the lots are drawn, a prize of 5 kg of gold awaits them.

While this itself may not have increased demand, the auspicious day has, jewellers say.

Several jewellery shops have announced they will stay open from early morning till midnight on April 30. Last year, most larger stores and even some of the smaller shops, had people lining up till night to buy at least five to ten grams worth of gold with the hope of ensuring prosperity.

Many shops say they may open as early as 6.30 a.m. and stay open till midnight.

Some banks have also pitched in with joint promotions to enable jewellery buying on instalments.

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