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Going gaga over gold
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A festival that symbolised giving has slowly turned into a marketing blitz, writes SUBHA J RAO
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Photo: S Siva Saravanan
SIMPLY IRRESISTIBLE: The lure of the yellow metal saw people thronging shops on Akshaya Tritiya.
Octagenarian Janaki is yet to comprehend the marketing blitzkrieg that has come to mark Akshaya Tritiya in recent years. "Why have people suddenly started buying gold? That too, for themselves. This day is supposed to be about giving," she says.
Her friend Usha talks fondly about her youth when the family performed Gowri puja, Tulsi puja and gave tamboolam to anyone who came home. "If we had the resources, we would prepare spiced neer mor and paanakam and serve it to anyone who dropped in. What is happening now is a marketing gimmick. What is the plight of those who don't have money? Many even take loans to buy a gram of gold that day," says the 67-year-old grandmother of five. She still celebrates the day like she used to. And, no gold is bought on that day.
The latest fad
But, people like Janaki and Usha are hard to come by these days. Buying gold for Akshaya Tritiya is the latest fad to hit South Indians, especially those in Tamil Nadu.
Till some years ago, not many knew what the day stood for. They considered it to be an auspicious day to make purchases, as they believed it would be protected by Lord Vishnu. But it was after a massive campaign run by World Gold Council (WGC), an international organisation funded by leading gold mining companies, that the day assumed importance as an occasion to buy gold. Adding to the frenzy, jewellery stores and goldsmiths lured customers with discounts, 24-hour sales and "latest designs".
This year, shops allowed gold-crazy customers the option of choosing their jewellery earlier and taking it home on D-day. That benefited both parties. For one, there was a constant stream of people to jewellery shops. Two, people were able to shop without jostling for space.
Last year, a whopping 15 tonnes was sold across the four Southern States, parts of Maharashtra and Gujarat. This year, the WGC is looking at a 30-35 per cent hike in sales, says K. Shivram, Vice-President, South, WGC.
And, with people having thronged jewellery stores, the target seems achievable.
At Kirtilal Kalidas, the management ensured that every piece of jewellery was taken to a temple and blessed before being handed over to customers. The jewellers also tied up with Citibank, allowing cardholders to redeem their bonus points against jewellery.
The store also introduced tamper-proof 916-guaranteed gold coins in 1, 2, 4 and 8 grams as well as pendants with images of Vishnu and Garuda.
At Alukkas Jewellers, celebrating its first Akshaya Tritiya in Coimbatore, the crowd went ballistic after having a glimpse of the fare on offer. This is also the time when shops introduce designs and gauge customer reaction. "Earlier, Tamil New year and Deepavali were the traditional gold-buying season. Now, people wait for Akshaya Tritiya. This has created a new season," says Mahadevan of Kalyan Jewellers.
In a bid to beat the rush, Kota Jewellers took its delivery counters to The Residency, giving customers the option of taking delivery from a plush ambience.
But not all are swayed by this frenzy. Some opt to stay away from stores on that day. "After all, was gold bought by our ancestors on days other than Akshaya Tritiya not safe? This is just a wonderful idea that some innovative jeweller came up with to keep the money flow going," says an industrialist.
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