All that glitters on Akshaya Tritiya is gold!

24 Apr,2012

 

By Tuhina Anand

(with inputs from Shruti Pushkarna in New Delhi)

 

While 5-6 years back, Akshaya Tritiya would come and go without making much noise except among few communities, but now it has become a pan-Indian phenomenon. Jewellers all across, be it branded or non-branded, have gone all out to communicate the fact that Akshaya Tritiya is among the most auspicious days to invest in the precious metal.

 

One look at the newspapers of the last two weeks will show that jewellery advertising is dominating the supplements and some even taking front page advertising on the main newspapers. This definitely shows that this day has become a money-spinner for jewellers and they are leaving no stone unturned to tap maximum customers.

 

After Dhanteras, which traditionally has been a day for Indians to invest in gold and silver, now Akshaya Tritiya has emerged as the second-most selling day for many players and spikes in sales is anywhere between 15-35 per cent for some players.

 

There are also offers galore to lure customers like free silver coin, off on making charges or even EMI option available to help customers make their purchases notwithstanding the soaring gold prices.

 

Bhuwan Gaurav

Bhuwan Gaurav, Head-Marketing at Tanishq on the sales on Akshaya Tritiya said: “On this day we see an increase in sales of over 10-15 times as compared to any average day. We have made a conscious effort in positioning this day to our consumers and a lot of effort has gone in marketing it to people. The result being that Akshaya Tritiya has become a pan-India phenomenon and we see a spike in sale even from Punjab and the East.”

 

For customers, on purchase of 8gm of gold and on diamond jewellery above Rs8,000, Tanishq is offering free gold coin of 0.25 gm. The rising gold prices have not deterred the brand and Mr Gaurav is sure that the day would see spike in the sales. In fact, the store has been decorated with flowers to welcome customers to buy jewellery on this auspicious day.

 

Another leading jeweler is too confident of the sales. Vinod Hayagriv, Managing Director, C Krishniah Chetty & Sons said: “This year is the first year of price stability after three years. Hot gold rates in the previous years held back purchases. But this year the sales have been brisk and that is an indication of demand picking up for Akshaya Tritiya. We should see good demand for our new Touch Gold Collection of exclusive gold design jewellery.”

 

On the high in demand products, Amit Puri, Manager, Delhi-based jewellery store chain Diamount Jewels Pvt Ltd said, “The most popular item is gold bangles, and the second is gold sets. We have a special offer where we are giving out free silver as much as the weight of gold item purchased. Our sales on Akshaya Tritiya comprise a good 30-35 per cent of the total sales. Apart from Akshaya Tritiya, we see similar purchasing pattern on Dhanteras around Diwali.”

 

While at one hand communication in print, OOH and even digital has created the popular culture of investing in jewellery. There are offers that are coupled with these communications to bring more and more customers to invest. Also new collection has been introduced by few to attract customers. Although there is more demand for on Akshaya Tritiya, there is an increasing trend of many opting for diamonds.

 

Harish Bakshi, Senior Manager, AKM Mehrasons Jewellers of New Delhi said, “Last year, we saw an upward trend in sales on Akshaya Tritiya, to be precise, last year sales on that day saw a 10 per cent increase than the year before. This year we can’t say anything up till now, we have our fingers crossed because of the increase in gold rates. Both diamond and gold are popular, but gold is essentially more popular on Akshaya Trithiya. Gold chains and bangles are the most common purchases. We don’t have any special offers as such but we are offering a 10-15 per cent discount on labour charges for both gold and diamond. In comparison to regular days, we see at least 35 per cent increase in sales on Akshaya Tritiya. Apart from Akshaya Tritiya, Dhanteras and Karwa Chauth are the two other high sales occasions.”

 

One thing is for sure that there is an increase in sales, but the percentage may vary. Ram Kiran of Bhima Jewellers too puts the increase at 15-20 per cent during this time. He, however, adds that sales have been bit slow because of high gold rates but doesn’t rule out the possibility of increase in sales.

Photograph: Courtesy Tanishq

 

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