Akshaya Tritiya, one of the most auspicious occasions in the Hindu calendar, will be celebrated on May 3 this year. Many people start new business ventures on this day and also buy valuables including gold, diamond and silver.

Akshaya Tritiya falls on Shukla Paksha Tritiya of the Vaishnava month and people welcome Goddess Lakshmi on this day by purchasing metals like gold. People believe that whatever one buys on this occasion stays forever.

According to astrologers, this year, the muhurat for Akshaya Tritiya will start at 5.39 am on May 3 and continue till 5.38 am on May 4.

Star of Mysore spoke to a section of gold and diamond traders in Mysuru yesterday on the gold buying trend. While jewellers are pinning their hopes on Sunday and Monday for a sales boost, evidence suggests that customers are shying away from gold purchase due to various factors.

Chandrashekar, Marketing Manager, Bhima Jewels, B.N. (Bengaluru-Nilgiri) Road, said that when compared to Akshaya Tritiya during the pre-pandemic levels, business has picked up since the last two days. “We are offering attractive discounts to customers on gold and diamond purchases and this too has increased walk-ins to the store. We are hopeful that the sales will increase two or three days before the festival,” he added.

Spike in next two days

Sharafuddin, Store Manager, Malabar Gold & Diamonds, B.N. Road, said “The sales have not touched pre-COVID levels. We faced losses for two years and compared to that situation, the figures are looking up. We have good offers and still there is time for sales to pick up. Earlier, there would be huge bookings days ahead of Akshaya Tritiya and it used to spike two to three days before the festival.”

Response has been encouraging at Jos Alukkas on B.N. Road. “After two years of pandemic, it looks like people have been waiting for gold purchase during Akshaya Tritiya. We are seeing many bookings and walk-ins will pick up on Sunday and Monday. Our staff have been told that there will be heavy rush and we have taken all measures to handle the crowd and also deliver the product,” said Sio, Jos Alukkas Store Manager.

Next-Gen priorities

“The priorities of next generation are changing and maybe they are not giving importance to gold purchase. As traders we have to devise new strategies to woo customers and that is the reason we have interlinked gold, diamond and silver purchases to attract buyers,” said Adarsh K. Murthy, Managing Director, A. Shankara Chetty and Sons, K.R. Circle.

“Pre-pandemic sales were very good and in the last two years we lost business. This year till now, it is below average. Earlier, there used to be a lot of advance bookings. I think people still have the fear of the fourth wave and are saving money for emergencies,” he said.

Balakrishnan, Store Assistant Manager, Joyalukkas, B.N. Road, said that customers have increased to the store since the last one week. “The last Akshaya Tritiya was in 2019 and then COVID came. This year, we are expecting more crowds. We have customers for ready-purchase and also bookings. Plus there are telephone enquiries asking for attractive offers. We are expecting an increase in timings as we will open from 8 am,” he said.

Liquidity crunch in market

Tholasi Jewels (V.V. Mohalla) Managing Partner Harshanandana Tholasi says that the response has been average. “Nothing great as we had a couple of years back. There is a liquidity crunch in the market and people are feeling insecure to spend on gold and diamonds. Also, people have a feeling that COVID has not gone yet and they would need money to buy essentials like medicines and bear hospitalisation charges,” he said.

“We are pinning hopes on the last two days. Even in pre-COVID period, we had average sales before the festival and on the day of the festival, we had a huge rush,” Harshanandana added.

Kalyan Jewellers at Lashkar Mohalla has pretty good walk-ins and also bookings. “But gold rates are high now. Otherwise, there would have been an overwhelming response. Now after two years, wedding season has started and people will compulsorily purchase gold. Akshaya Tritiya tempo will last for a week or so and wedding purchases will continue,” revealed Ranjith, Store Manager. 

Best price all year round

Prakash Jewellers on Shivarampet Road offers the best price 365 days. “We are a trusted brand and we don’t have any special offers. People can compare our prices with other shops and make a purchase. Business has been good. We are getting calls from regular customers and many guest customers are also making enquiries,” said Sachith, Manager.

Vinod, Store Manager, Tanishq Jewellery, B.N. Road, said sales are good at the outlet and they are expecting more takers for the exquisite designs. “The last two years were a washout. Now we are seeing a lot of bookings and also in-store customers. This year, Akshaya Tritiya has come at the beginning of the month and we have a Sunday and a Monday before the festival. Sales will get a boost on those days,” he added.

People still troubled

Prasanna Kumar from Raj Diamonds on D. Devaraj Urs Road said that business has been average and when compared to the last two years, the sales are good. People are still under trouble and there is a threat of fourth wave too, he said.

Deepak of Jewel Mandir on D. Devaraj Urs Road said, “Clearly it is not going to be the Akshaya Tritiya where one will see people rushing to buy gold because the price point has still not been accepted by consumers. Gold prices are high and people must have the budget to buy. We had high expectations and sales are disappointing. Moreover, it is difficult to predict people’s mentality.”

600 outlets in Mysuru

President of Mysuru Shroff Association (Jewellers Association) C.S. Amarnath said that during the pre-pandemic period, there would be 400 to 500 bookings three to four days in advance. “This time there is no pre-COVID charm in gold purchase and it will take time,” he said. Amarnath is also a partner for Lalitha Jewellery Mart on Ashoka Road.

“There are over 600 gold and diamond outlets in Mysuru, big and small and our enquiries across the board have revealed that sales are yet to pick up after COVID. We are hoping for the best in the next three days,” he added.