Bullion traders were upset because of ‘poor business’ despite the maddening rush at the jewellery retail stores in the city on Akshaya Tritiya day on Tuesday.
“Last year, I sold 58 kg of gold on Akshaya Tritiya day. This year, I was able to sell only 1 kg of gold,” said Daman Prakash, a leading bullion trader in the city.
The reasons included the rise in prices and the requirement of a pan card to buy gold worth over Rs2 lakh, said Prakash, adding that retailers might have been busy on this auspicious day and could buy gold in the coming week.
“However, it could be worse. They might not want to replenish their stock as the prospects of doing business is getting tougher because of the levy of more taxes,” he said.
Jayanthilal Challani, president, Madras Jewellers and Diamond Merchants Association, said the retailers have seen a three-fold increase in sales this week compared to last week. “There were more jewellery sales this time. A lot of customers booked their jewellery in the last two weeks to take delivery today,” he said.
“As the festival fell on two days, Monday and Tuesday, the sales had been slow but steady,” said NAC Jewellers MD and chairman Gold Club, Chennai, N. Anantha Padmanabhan. Platinum sales volume was higher this year, with a 25 per cent increase in volume, he said.
“The gold rates have gone up nearly Rs40 per gram in one night and so we decided to wait for the prices to come down. That way, we can buy more gold for the same money,” said K. Ramanathan, an employee in a private company. The gold sold at Rs2,715 per gram on Tuesday compared to Rs2,676 per gram on Monday.
Further, the crowd at the stores also persuaded many not to purchase the precious metal on Tuesday. “We have a savings scheme and we were planning to redeem it on Akshaya Tritiya day. But seeing the huge rush, we decided to visit the jewellery store next week,” said Janani Srinivasan, a resident of Gopalapuram.