Jewellery retailers in Chennai expect to clock at least 10-15 per cent growth this Akshya Tritya.

There are over 100 shops – small and big - in the city's shopping district, T. Nagar. According to retail industry sources, these shops, together, sell more than a tonne of gold every year on Akshya Tritya day.

Last year, sales were subdued due to volatility in gold prices. In fact, on the day of Akshya Tritya last year, gold price was dropped by Rs 29 a gm.

Then, jewellery stores in Chennai reported lower sales, while banks reported higher sales of gold coins over the previous year.

However, “with the gold price being stable in the last three months, we hope to post higher sales this year,” said Mr Kishore Jain, Managing Director of Khazana Jewellery. Khazana Jewellery has 20 stores across Tamil Nadu, Karnataka and Andhra Pradesh.

Tanishq, a jewellery retail brand with national footprint, has launched “exquisitely designed” finger rings, earrings, and pendants. These “affordable” range of diamond jewellery, priced between Rs 10,000 and Rs 25,000 a piece, will be made available at all Tanishq stores across the country, says a press release from the company.

Besides, it also offers a free gold coin with every jewellery purchase.

For purchase of diamond jewellery for Rs 2 lakh and above, the consumer can avail of a flat 10 per cent off.

To cash in on the trend, the stock exchanges too have announced extended trading hours and special incentives for trade in yellow metal on Tuesday.

The BSE and NSE would allow trading till 8 p.m. in gold ETFs on April 24. In addition, stock exchanges have also decided to waive off transaction charges for all trades done in gold ETF securities on that day.

Gold ETF has seen phenomenal growth on the NSE, since it was launched in 2007. From a traded value of Rs 1,172 crore in 2008-09, it has gone up to Rs 11,532 crore in 2011- 12, an 883 per cent growth, say market reports.

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