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To the market for gold
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The yellow metal has got dearer and jewellers are peddling their wares with attractive offers. Sangeetha Devi. K checks out the buying patterns for Akshaya Tritiya
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GOLD RUSH Never mind the prices, the lure of jewellery is tough to resist PHOTO: VINO JOHN
The stock market getting bullish by the day and crossing the 12,000 mark was greeted with a lot of cheer and some caution. Alongside the stock market, what's gone up, up and away is the price of gold. The price rise, which began in the second half of 2006, is yet to cease. And surprisingly, consumers, who were earlier wary of buying jewellery given the steep prices, are now stocking up on gold for an occasion.
Akshaya Tritiya, which is the third day of the new moon of Vaisakh month, falls on April 30 this year. Traditionally, the day has been associated with prosperity and purchase of gold. Also known as the birthday of Parasurama, Akshaya Tritiya is considered an auspicious occasion to begin new ventures.
In a move to get people back in droves to stores, jewellers have come up with schemes such as pre-booking options, discounts and gifts. Are customers lapping it up? Jewellers claim that they are.
Buy now than later
Shanmuga Sundaram, Regional Business Executive, Tanishq, says, "A pre-booking offer lets you book jewellery in advance and pay the price on that given day. Thus, you stand to save since gold prices have been rising.
There is speculation that the cost will further increase during the wedding season and perhaps cross the Rs. 1000 mark for a gram. So people are buying now for both Akshaya Tritiya and weddings." Gold coins sell most on Akshaya Tritiya followed by other pieces.
Diamonds, a safe bet
The well-heeled have been splurging on jewellery unmindful of the cost. Others have been purchasing in smaller quantities. Janaki Balakrishnan, a 35-year-old homemaker has purchased gold for her sister's wedding, says, "We cannot avoid buying for an important occasion. But we've kept the steep cost in mind and hence bought limited pieces. Instead of spending on gold, we've bought some diamond jewellery," she says.
This shift to diamonds has been evident. Gunasekhar, General Manager, Kirtilal Kalidas, affirms, "The diamond prices have been stable so there are more buyers. The appreciation value is also high for diamonds." But he adds that there are takers for gold as well. "Consumers were sceptical in the last part of 2006 when the prices began rising. But fearing that the prices will raise again, they've started buying."
The fact that the jewellery market is expanding is evident from the new showrooms such as Malabar Gold and Alukkas that have set shop in the city. And existing players like Khazanas are in the expansion mode. Is this a result of rise in spending power?
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What's on offer?
Tanishq lets you avail the pre-booking offer. Further, there's a five per cent discount on diamond jewellery and a 20 per cent discount on making charges.
At Jagdamba Pearls, there's a five per cent off on gold, 15 per cent off on diamonds and 40 per cent off on pearls till May 5.
Neelkanth Jewellers has 50 per cent discount on making charges apart from the pre-booking offer.
Alukkas gives a free gold coin on a purchase of Rs. 50,000 and a silver coin on purchase of Rs.
25,000
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