Jewellers hopes on Akshaya Tritiya

Akshaya Tritiya could still be a week away but all that’s glittering in Hyderabad already is gold. Hoardings announcing big deals, bigger discounts and not to mention freebies such as gold coins with big purchases, jewellers have let their purse strings loose hoping that they might just be able to lure the elusive customer to buy the yellow metal.

Jewellers say that their business had a slow start this year with the recent strike in protest against excise duty on gold and the soaring gold rate, but hope that their many schemes for Akshaya Tritiya festival on April 24 would ensure some activity in their otherwise deserted stores. Though owners and managers have their hopes pinned on this festival which is believed to be auspicious for purchasing gold, old timers say that with sky high prices, it is highly unlikely that they will be able to recover their losses.

The price of gold now is around Rs 28,000 per recovery 10 gram for 24 karat gold while last year at this time it was around Rs 22,000. But with all the festive offers for the upcoming festival and hoardings and ads about Akshaya Tritiya on every road, it is evident that stores are trying their best to capitalise on the festival despite the high price.