ATMs dry, but gold sales strong on Akshaya Tritiya in Hyderabad

Dry ATMs or sky rocketing prices of the yellow metal in the international market did not deter buyers from flocking to their favourite jewellery stors this Akshaya Tritiya on Wednesday.

Published: 19th April 2018 04:17 AM  |   Last Updated: 19th April 2018 04:17 AM   |  A+A-

People purchasing gold ornaments on Akshaya Tritiya at Punjagutta, in Hyderabad on Wednesday | EXPRESS

By Express News Service

HYDERABAD: Dry ATMs or skyrocketing prices of the yellow metal in the international market did not deter buyers from flocking to their favourite jewellery stors this Akshaya Tritiya on Wednesday. Though store owners were slightly apprehensive about the market conditions, locally and globally, the gold rush on the auspicious occassion continued as every year.

Jewellers gave red-carpet welcome to prospective buyers along with attractive discounts and offers. Also seen were Mandaps, designed to give a feeling of holiness, at popular jewellery shops in the city. Some jewelers have even canceled weekly offs for its staff and others have deployed additional staff to assist in valet parking.

Interestingly, even those who do not believe in the auspiciousness of Akshaya Trithiya have come in numbers to take advantage of discounts exclusive for the day. "We do not believe in the concept that there would be increasing wealth flowing into our homes when we buy on this day," said Shalini Manik, a homemaker who was looking to buy bangles and a necklace at discount.

Another couple, M Alekhya and M Madhu who were purchasing gold for the first time on Akshaya Trithiya are expecting fortunes. "Never in our lives did we buy gold on this day, but we want to really see if there would be any increase in wealth in our personal lives," said Alekhya.

She purchased 2 tolas of gold in the form of a chain.

Meanwhile,this year, the the international price of gold has increased by 7 percent when compared to last year but still the demand for gold is high say trade pundits. "The 7 percent increase is not going to effect the business nor the dry ATMs because of the auspiciousness of the day," said Dharun Joshi, Dy Store Manager, Kirtilals Jewelers.

Another store manager, V Bharath Bhushan of Khazana Jewelers said that "they have suspended weekly offs for its 50 employee staff to attend customers. "We are expecting at least 600-700 walk in today which is more than the usual on this day," he said.

A majority of the jewellery shops are offering Rs 50 - Rs 60 off on every gram of gold purchased. The price per gram of gold on Akshaya Trithiya was at Rs 2,992 for 22 carat gold.

Traffic vigil at jewellery shops

With Wednesday being a work day and many of the customers, only, visiting jewelery stores in the evening, the traffic police have deployed personnel to ease traffic flow at bottle necks. With Punjagutta having most number of jewellery shops, the Punjagutta traffic police have installed 'no parking' sign boards at all major stores.

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