It’s 7.30 in the evening on day two of Akshaya Tritiya. People are still flocking to jewellery stores on the Usman Road stretch in T.Nagar, better known as the ‘golden furlong’ of the shopping district.
According to sources in the jewellery retailers circle, T. Nagar alone sells close to two tonnes of gold – as much as the weight of an average SUV - during Akshaya Tritiya. This time it would have been much more than that.
While many retailers say sales this year would at least be 80–85 per cent more compared with last year, some say it would be more than 100 per cent. Rajesh Krishnan, Showroom Manager, Joyalukkas, said his shop sold more than two times that of the last year, in volume terms, so far.
A senior sales manager of another popular jewellery showroom in T.Nagar said on Sunday alone, their two shops on the stretch sold a little over 100 kg of gold jewellery.
National phenomenon
Sales this year has been more lustrous than last year, says Sandeep Kulhalli, Vice-President, Retail and Marketing, Tanishq. With close to 150 stores across the country, Tanishq is the country’s largest jewellery retail brand. According to Kulhalli, Akshaya Tritya is today a national phenomenon, and people across all social classes buy gold during these two days. However, he said, as the yellow metal’s price dropped during the month of April, many have been buying gold for the past few weeks. “Otherwise, sales during Akshaya Tritya would have been even better,” he said.
Ba. Ramesh, Joint Managing Director of Thangamayil Jewellery Ltd, said his stores would have sold at least 35-40 per cent more than last year. This listed entity has 25 stores in tier two and three markets.
According to P. Pagalavan, Deputy Commissioner of Police, T.Nagar, there are over 60 jewellery retailers on this stretch. To ensure security for the businesses and shoppers, the department has deployed 300 police personnel under two Assistant Commissioners there for the last two days. “Besides, we posted 10 crime teams consisting of over 30 police personnel today,” he said.
To encourage people, jewellery retailers across India went on an advertising blitzkrieg in the last couple of days. According to an advertising industry person, they must have spent at least Rs 300 crore across media platforms for this.