Gold: A Must among Goans

by SHOMA PATNAIK
Posted on 2009-05-08
The desire for gold said the financial whiz, Mr Gerald Loeb, “is the most universal and deeply rooted commercial instinct of the human race.” Who can argue with this wisdom, especially in Goa, where gold shops are plenty in the vicinity?
Across the state, in practically every neighborhood, the presence of a traditional sonar doing business is a must. And, giving them company these days are swanky new stores from Mumbai with plush ambience and up-to-date designs. With each claiming a steady clientele for themselves, apparently, it is a steady market for the yellow metal in Goa, which if not ascending is definitely solid
So how are things at the shop level? Points out a jeweler at the Mapusa gold bazaar, “The younger generation’s tastes have changed. At marriages, brides do not deck themselves up in gold any more. They buy a basic set along with seven thin bangles and perhaps a couple of thin chains for the groom. It shows a changing preference.” While, his neighboring store owner differs to say, “The common Goemkar still loves gold.” He elaborates, “We are still making the thick patli, the coin-studded pawan haar and the heavy bajoo bandh. People are placing orders for them, and actually using it for adornment.”
True! Check out the display at weddings and festivals, and discover that it contains substantial flashes of glittering yellow. From the aged grandma to the younger wife or even little girls, they all have a fixed quota of gold on their self, and are happy about it.
As for business in the present times of economic stringency, says Mr D’Mello, manager, Tanishq, Panjim “Definitely our customers have been hit by the economic slow down and recession. So, like others we have witnessed a slowdown in orders with our sales down by about four to five per cent.”
Seconding the opinion is Mr Vijay Athawale, manager, Lagu Bandhu Jewelers, Panjim, who says, “Things were bad for us especially in February and March, but trade is improving by the day.” Yet, both the gentlemen point out that a smart spurt in Akshay Tritiya buying on April 27th is a harbinger of better times to come.
Points out Mr D’Mello, “On Tritiya day, we registered good buying in our outlets in Goa. Customers brought gold coins in varying weights along with jewellery. The festival starts off the wedding season and we are already seeing a revival in business.” But what about the soaring price of gold, does it not dampen the public ardour?
To this, the response from Mr D’ Mello is, “Gold demand cannot be compared to that of other consumer durables. Among Indians, the metal is a must among families.” While, Mr Athawale states, “To a certain extent, the demand for gold has been affected by the soaring prices, yet that is not wholly true. This is because gold is not thought of as a jewellery item for most residents. For an average household, it is an asset that is kept for prosperity.”
Meanwhile, others in the field point out that, “People cannot do away with gold even if they want to.” They explain that the process of collecting gold for even a family with average means starts off from birth. Most parents buy a token quantity followed by another major chunk of purchases for weddings. Then the jewellery is bought again during festivals, anniversaries or family ceremonies. All in all, an ongoing process of gifting and buying among families.