With Akshaya Tritiya just days away, jewellery stores in Tamil Nadu are seeing a sharp rise in pre-bookings for gold ornaments. Compared with January, gold prices have eased, prompting customers to visit stores, choose designs and pay in advance.
Tamil Nadu has around 35,000 jewellery shops, through which an average of about 15,000 kg of gold jewellery is sold daily. Many buyers traditionally prefer purchasing gold on auspicious days such as Akshaya Tritiya and Deepavali, believing it brings prosperity.
Gold prices had climbed earlier amid global uncertainty, as investors moved to gold as a safe haven. In India, 22-carat jewellery gold touched a peak of Rs 1,34,400 per sovereign by late January.
However, after the March attack on Iran by the US and Israel, disruptions to crude oil shipping led to fuel concerns in several countries. Investors shifted focus towards crude oil, contributing to a fall in gold prices; it was quoted at Rs 1,12,800 per sovereign on Friday. Akshaya Tritiya falls on April 20 this year.
Chennai Gold and Diamond Jewellery Traders Association president Jayanthilal Salani said customers are pre-booking now to benefit from the lowest price between the booking date and Akshaya Tritiya. He added that stores are offering promotions such as reduced making charges, 50% discounts on wastage and offers on diamond jewellery, and expect strong sales this season.
