Like clock work, every summer, the glass counters of jewellery shops glint a little brighter during Akshaya Tritiya. But this year, the buzz and mood felt different — yet familiar — with fewer splurges and more calculated purchases. The sentiment of the day remained intact, of never reducing prosperity, and of new beginnings, but the approach had evolved.
While the piercing shine from polished gold remains the point of attracting one’s attention, this year, customers — old and familiar, new and noticeable — explored alternate options, not because prices were friendly, but to create investment opportunities. Nithin Kalkiraju, CEO and head of design at Sukra Jewellery, notes, “While gold is viewed as a safe haven, silver is the next safest bet.” He adds that youngsters with knowledge of increasing prices of silver find it to be a better option to invest in.
Concurring, Pooja K, a content marketing professional, made a small yet significant shift in her purchase this year. “I did not have the budget to buy gold. Though it is an investment that we could fall back on, I chose to go for silver this time, for it is more affordable, but still meaningful for the occasion.” In addition to her silver purchase, she started a gold chit, foreseeing that she could make small savings each month, which would gradually build towards a bigger gold purchase when prices stabilise, and her finances feel more comfortable.
Despite a few Chennaiites choosing an alternative path, the notion of buying gold on the day remained deeply ingrained in some. Even as gold rates swung unpredictably, young buyers still showed up at jewellery stores, weighing sentiment against strategy.
For Anishya Premi M, investing in gold has never been a decision tied to only auspicious dates. It is security and strategy. “Despite fluctuations, gold has always been a trustable investment with decent to high returns,” she says, recalling how she continued investing even when the prices had been peaking for more than a year now.
Strategically, she timed her gold chit fund last year for it to mature around Akshaya Tritiya to get additional discounts and offers. “On average, I made 32% profit,” she points out.
But beyond numbers lies the inherited mindset. “The middle class can always survive on their gold assets,” she says. Her parents built their lives on accumulated gold, from funding education to even constructing their home. Hence, for Anishya, gold is a fallback plan woven into family history. Today, her buying has advanced. She personally chooses coins over jewellery. “I’m saving up for heavier pieces later,” she says, adding that coins offer the flexibility of being easier to liquidate.
Jewellers across the city are seeing this shift. The choice is changing from heavy jewellery to lighter chains, smaller pieces, and lower volumes. Nithin notes that to be on par with traditions, people make purchases, but as the prices have skyrocketed, the quantity of purchases has come down. “The value (amount) has increased, but the volume (weight) has reduced,” he says.
At Mehta Jewellers, Akshay Mehta saw two distinct mindsets — those buying for appreciation, and those drawn by the auspiciousness of the day. In general, there are also some who time their purchase, planning appreciation of gold rate, during festivals. Since last month, gold has been relatively stable. Hence, people have gained confidence. “There is more confidence in buying gold this year than there was last year,” he says.
While gold coins, chains, and rings were sold in abundance, the jeweller’s high-priced sales were of natural diamonds. Akshay says that diamonds sit in a different emotional category altogether. “They’re not really about investment, but they’re aspirational,” he notes. Natural diamonds, in particular, have had a strong year, driven less by returns and more by desire. Yet, affordability remains an important filter in shaping decisions.
This Akshaya Tritiya wasn’t about reckless purchase but about being conscious, calculative, and intentional. Chennai’s youngsters do not wish to step away from gold, but are learning how to commit differently. “I wish for people to continue buying and have good reasons to buy jewellery. Everyone continues to find joy and enjoyment in buying and owning jewellery,” concludes Akshay.