Customer footfalls peak at jewellery shops in Bangalore

Although gold prices are touching new peaks every day, the enthusiasm of people purchasing gold has not gone down. This year’s Akshaya Tritiya saw a good number of customers thronging jewellery outlets across the city. The craze reached its acme as many had booked the jewels much in advance.  “Diamonds saw an increase in demand while silver took a back seat,” said Subin, manager of Joyalukkas. Considering that diamonds fetch good returns and silver saw a sudden drop in prices, people were apprehensive to purchase it, he added.

“Tanishq saw an upsurge of more than 50% in it sales this year when compared to 37 % last year,” said Jai Ganesh, manager of Tanishq.

While many preferred regular bangles and chains, gold coins were not far behind. “The yellow metal has not lost its charm as far as India is concerned. It serves its purpose, both as an ornament and an investment. We strongly believe that purchasing gold on Akshaya Tritiya is auspicious,” said Geetha, a customer.

Bachhraj Bamalwa, chairman of All India Gems and Jewellery Trade Federation, said although customers are still flocking the jewellery stores, sales volumes have crossed well over the estimated 15% increase from the same period, last year.

“Consumers have digested the inflation in gold prices, although there is a dip in prices today, which pushes the sales further. Sales have gone up by close to 40% when compared to last year. This is largely due to the hike in gold prices over the year,” he said.

Akshaya Tritiya was a day for charity as in the epics but today it is seen more as a day for savings and investment. “Akshaya Tritiya is gaining popularity every year, as people find gold as a good investment option. On the other hand, this popularity is fashioned by jewellery outlets itself through massive advertisements,” said Subin. He added that when compared to other south Indian cities, the fad for gold in Bangalore is less.