ONAM fever gives gold sales a fillip

CHENNAI: It's a busy Wednesday afternoon at the Cathedral Road showroom of Prince Jewellery. Women are doing a last-minute shopping of gold trinkets for Onam, which falls on September 12.
"I bought a pair of gold bangles this year," says 47-yearold Bindu Dijendranath. "I make it a point to add to my daughter's collection every Onam, even if I don't buy anything for myself," says Bindu.
While gold rush usually peaks during the Diwali-Ramzan season, stores which stock traditional Kerala jewellery patterns witness a surge in sales from mid-August , which together with September , forms the Chingam month for Malayalees, during which Onam is celebrated.
"We have seen a 30-40 % increase in our sales ever since we introduced the Pon-Onam scheme on August 15," says Princeson Jose, MD, Prince Jewelry. "Customers receive a
gift voucher for every purchase worth Rs 5000, and an Onam pudava (sari) for those worth Rs 10,000 and more," he says. Jose is however quick to add that favourable gold prices (as on Wednesday, gold was priced at Rs 1020 per gram) and the marriage season have also contributed to increased sales.
But what's really drawing in the customers are the sought-after traditional Kerala designs known for its filigree and intricate floral patterns. "Regular customers have been pouring in to buy the kasi mala, palaka mala (studded with green coloured stones) and the mulla muttu mala that is shaped like the buds of mulla flower," says Anil Kumar, cashier at Kerala Fashion Jewellery (KFJ). Over the last 10 days, the Luz Church branch of KFJ alone sold 12 pieces of mulla muttu mala. Sales have also increased in the diamond and platinum segment.
"College-going students have this concept of an 'every day' wear for which lightweight , contemporary designs are more suited," says Jose. "The diamond and platinum segment is aimed at tapping this market."
For most families, however , buying gold has become a ritual for Onam. "While I buy a gold coin for Vishu, I make it a point to invest in gold every Onam," says Bindu.