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April 21, 2007 19:21 PM E-mail this news to a friend Printable version of this news
Indians Rush To Buy Gold On Auspicious Day
By P. Vijian
CHENNAI (India), April 21 (Bernama) -- There is always an auspicious day to perform any act in India - from a simple decision like buying a vehicle to a more important one like getting married.
But this time of the year it's purchasing gold. For the past two days Indians thronged jewellery shops to buy gold, especially in south India where people bee-lined to buy a piece of the precious metal.
April 19 and 20 are the auspicious days of the "Akshaya Tritiya" festival where it is customary for Indians to buy gold in the belief that it will bring prosperity for the family throughout the year.
The belief appears to have gained a stranglehold on the populace as evidenced by the frenzy for gold in the major cities like Delhi, Mumbai, Hyderabad, Kolkata and Chennai with goldsmiths enjoyed roaring sales of gold ornaments as people rushed to buy at least a small piece of a gold item.
Jewellery shops in T-Nagar, a popular shopping street here, were opened until late last night to serve desperate customers, who jostled with each other despite the sultry summer night to buy gold coins, anklets, nose rings, lockets and bangles.
World Gold Council of India vice-president K.Shivram told Bernama that this year jewellery outlets saw a tremendous surge in sales -- between 100 and 150 per cent more than usual.
"About 50 to 60 tonnes of gold were sold during this year's Akshaya Tritiya festival compared to 35 tonnes last year. It was a terrific success," he said, adding that much of the sales were in the south where the festival took root.
What started as a regional custom has now turned into national festival where even banks joined in to promote gold coins apart from spilling over to other countries where Indians live.
"It has become a popular festival even in the Gulf, Singapore and in New Jersey (the United States). Indians there also throng jewellery outlets in observing the tradition," added Shivram.
-- BERNAMA