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Jewellers in Karnataka gear up for Akshaya Tritiya

     Bangalore: Despite the global meltdown, demand for gold has shot up as goldsmiths and jewellers in Karnataka have been stocking the yellow metal in anticipation of bountiful returns from the annual religious ceremony known as Akshaya Tritiya that is due on Monday (April 27) this year. Akshaya Tritiya, as per Indian Hindu calendar comes usually during March-April. The day is considered as auspicious by Hindus. In contrast to all other festivities that were celebrated in an austere manner over the past one year due to recession, Akshaya Tritiya seems to have no barriers. Now that Akshaya Tritiya has come, jewellers are gearing up for the sales extravaganza, capitalising on the common belief that buying precious things during this period ushers good luck and fortune. Goldsmiths and jewellers admit that their business has improved in the past few weeks and there is more demand for the daily-wear ornaments, coins and lightweight jewellery as they are affordable. “It (global meltdown) has affected all other companies as well as the jewellery market, but due to Akshaya Tritiya, there are so many people who have preserved their hard earned cash to buy it (gold) on Akshaya Tritiya,” said Chandrashekar, Managing Director, Davanam Jewellers, Bangalore . “We had some fears that whether the Akshaya Tritiya will go on well or not, but if we look at the customers' response in past two-three days, we are actually doing very well,” Chandrashekar added. The price for standard weight of 10 grams of gold has lowered down from Rs.15000 to Rs. 13800. These trends have encouraged prospective buyers and the resourceful families to shop for gold. “Even though the gold rates are very high, I have been purchasing it from the last 4-5 years. On the occasion of Akshaya Tritiya, I purchased gold . So even if the gold rates are high, I like to purchase gold,” observed Gayatri, a housewife.
-Apr 26, 2009