Hyderabad tops in gold sales on Akshaya Tritiya, with 1.25 tonnes

Akshaya Trititya

Rama Krishna Sangem

Akshaya Tritiya mania grips Hyderabad like anything. On a single day of April 22, Saturday, of the festival, the city sold around 1.25 tonnes of gold. This is close to 6 per cent of the total sales in the entire India. If the buying spree goes on for another two days – Sunday and Monday – too, the sales may touch 2 tonnes, according to sources in the trade circles of Hyderabad-Secunderabad twin cities gold jewelers association.

Price of 22 carat gold in Hyderabad stands on April 23 is Rs 55,750 per 10 grams or tula. This is slightly less than Rs  56,050 a day before, April 22. by 250 per gram. Gold of 24 carat, however, on Sunday is Rs 60,820 per 10 grams, tula, slightly less Rs 61,150 on Saturday, a day before, decrease by Rs 330 per tula. This marginal decrease is brought by gold traders to woo customers.

India is a gold loving country in general and the love reaches peaks on Akshaya Tritiya, followed by Dhanteras, that comes before Diwali, among other festivals. Of course, marriage seasons see huge sales, irrespective of prices. As per trade sources, India imports around 1,000 tonnes of gold per year. Of which, close to 20 tonnes are sold on one single day – Akshaya Tritiya. This days is considered to be auspicious for welcoming Goddesh Lakshmi.


Rich and Middle-class alike

Rich and middle-class people alike rush to gold and jewelry shops to buy at least some quantity of gold on this day. Of course, super rich and poor are not part of this mad rush. “Most of housewives and salaried families come to us on this day, as they are keen on busying at least a piece of gold. This we call token buying or symbolic purchases. So we keep small pieces of gold for them,” said a gold shopkeeper in Abids.

Compared to last year, gold sales this year are slightly decreased in terms of volumes, but monetary values wise, the total sales are more.  The hype for Akshaya Triitya began at least a week before as leading brands launched ad campaigns in newspapers and TV channels, by offering discounts or price cuts. Some gold brands have launched new stores in new areas and new cities too.

There are global and national brands that spent huge amounts on ads. But, surprisingly, it is state level brands that made more business. The leading wedding clothes stores which also sell gold made roaring business. “The reason is simple. Average rich and middle-class people are intimidated by larger stores of national brands, they feel comfortable in small stores,” said a gold retailer in Patnee Centre, Secunderabad.


Taste Variations of consumers

There are variations in the taste of gold consumers. While Telugu people prefer gold of yellow colour, Tamilians and Malayaleese love more yellowish metal. Maharastrians and Gujaratis like dull yellow. Similarly, South Indians  love only gold on Akshaya Tritiya, but others also buy silver and diamonds on this day. Platinum is picking up just now, said a gold shop owner in Basheerbagh in Hyderabad.


Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at excelindiaweb123@gmail.com