Gold jewellery sales surged in Tamil Nadu during Akshaya Tritiya, with jewellers estimating that around 25,000 kg was sold over the last two days. In value terms, the trade is pegged at about Rs 40,000 crore.
Akshaya Tritiya is widely seen as an auspicious day to buy gold, and stores reported heavy footfall from the afternoon of the festival’s start until it ended the next evening. Crowds were seen across outlets, from small shops to large showrooms.
The rush came even as election flying squads intensified vehicle checks ahead of the Assembly election polling, aimed at preventing cash and gift distribution. Traders said many customers avoided carrying large amounts of cash, but purchases remained strong.
Gold prices were also lower compared to recent months. The report said 22-carat jewellery gold had fallen by up to Rs 20,000 per sovereign from prices seen about two months ago, with gold selling at Rs 14,300 per gram and Rs 1,14,400 per sovereign.
At the current rate of about Rs 1.50 crore per kg, the value of 25,000 kg works out to roughly Rs 37,500 crore, and the report estimates the overall trade at around Rs 40,000 crore. Last year, with gold at about Rs 98 lakh per kg, the same 25,000 kg was valued at around Rs 24,500 crore—making this year’s value higher by about Rs 13,000 crore even if volumes were similar.
