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The grand gold race
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Akshaya Tritiya has arrived and the rush for gold begins. ROHINI MOHAN visits some of the jewellery stores to survey the scene
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IRRESISTIBLE GLITTER Time to make a golden investment
First, it was the day itself. Now, it is about the week preceding the day. Akshaya Tritiya is when the city goes all out to overtake time, not only making the most of the auspiciousness, but also making sure it's a bargain.
Till some years ago, few knew what Akshaya Tritiya was about. Those who did only recognised it as an auspicious day to make purchases, safe in the belief that it would be protected by Vishnu, and hence last eternally. However, it was after the World Gold Council ran a massive campaign three years ago, that the day became hugely popular as an occasion to buy gold. Jewellery stores and goldsmiths too have done their share in fuelling the hype, by dangling before us discounts, 24-hour sales, "latest designs", and the most recent offering: pre-booking your purchase, "for your convenience". This is how it works: you visit the store a week or more in advance of Akshaya Tritiya, book your jewellery, avail yourself of a discount on making charges, and pick it up on the actual day. So essentially, you've been blessed by the stars, but you've also pulled a fast one on them.
"It's all to avoid the mad rush on one day," says K. Shivram, VP-South, World Gold Council, "Some stores in Chennai started their sales from May 2, even April 28. It has become an Akshaya Tritiya vaaram!" Shree Temple of Gold, Sri Lakshmi Muthu Maaligai, Mehta Jewellery, Prince Jewellery, etc. have created separate delivery counters where the customer can pick up what was booked in advance. GRT has even set aside a whole store (Silversmith) solely for delivery. There have been promotional ads for weeks on end on TV, on hoardings, and in cinemas, where the silk sari ads are suddenly a whimper in comparison to the jingle of bangles, necklaces, and anklets.
One stop shop
"It began as just another auspicious day, and our sales used to go up only slightly," says Syed Zakir Ahmed, managing director, Zak Trade Fairs and Exhibitions, which is holding its 63rd jewellery exhibition in the city. "But now, the turnover is 10-15 per cent more than other festive seasons like Diwali, and Dussera," he adds. Shivram says Tamil Nadu is one of the biggest markets for gold, not just in India, but across the world. He suggests, "It might be because the people are still traditional and the month of May is also the wedding season down South. Chennai has also become a one-stop-shop for all things you'd need at a South Indian wedding. So apart from what the Vedas say about the astrological combinations that bless gold purchasers, it is the perfect time to make an investment, simply because of the economics."
We Indians have always believed in shubh muhurtams. I am no exception SHOBANA , actress
Although we'd like to believe that our city's sitting on a gold treasure, it's not true that the sales are phenomenal just here. G. R. Ananthapadmanabhan, of GRT, agrees, "We're getting desperate calls from Kerala and Karnataka that they need more jewels, because the demand is more than we expected." The World Gold Council has taken Akshaya Tritiya abroad too, starting with Sri Lanka last year. This year, the markets are wider, stretching logically to big gold dealers like Dubai, Singapore, and the UAE, and to unexpected avenues like New Jersey. "We won't fool ourselves that foreigners are buying," says Shivram, "We're just targeting the Indian population."
Promotional efforts
Jewellery stores have come up with varied promotional efforts, launching new designs, redoing store layouts, and unblinkingly spending a bomb on grabbing the attention of the gold-lover. Tanishq, for example, got danseuse and actress Shobana to launch their big-sale: "We Indians have always believed in shubh muhurtams," she said, "I have bought in to this philosophy too." Ishis too, launched what it calls `The world's most expensive kamarbandh', worth Rs. 2 crore. They don't expect anyone to walk in and buy it on a whim, but they know it'll turn heads.
Unlike other times, grabbing attention around now means a sure shot sale, because there are no window shoppers or estimating buyers. Stores are opening 6 a.m. onwards, and if last year is anything to go by, there will be people waiting before the shutters open.
And Panagal Park will be a no-traffic area today, so the milling crowd can rush for the gold without wheels screeching to a stop every second.
Golden era
DESIGNS GALORE At a jewellery fair in the city PHOTO: K. PICHUMANI
According to the Vedic calendar,
the sun and moon are simultane-
ously at their luminous peaks.
It is the day when Parasurama,
the sixth incarnation of Vishnu,
was born
It is the day when the rishis
performed the first yagna in the
history of mankind, and it marked
the start of a time registered as the
Golden Age.
The word Akshaya means eternal,
and refers to the Akshaya
paatra , said to have been
used by Draupadi when on exile
with the Pandavas
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