Gold rush is on

THE annual gold rush bought jewellery hunters into stores looking for bargains and good deals despite the increase in the price of the precious metal.

Leading jeweller Joyalukkas, for example, marked the Hindu holy day of Akshaya Tritiya at its shops in Manama's Gold City, Dana Mall and Riffa Lulu and enticed shoppers with special offers on its gold and diamond collections.

"Business is traditionally busy on the day and this year was no exception," said a spokesman. "People were queuing up to make their purchases."

Traditionally, many expat members of the Indian community in Bahrain and throughout the world mirror the gold rush back home in India to celebrate the occasion by making purchases to bring luck and prosperity to their homes and families.

Jewellers in general said the turnover was much beyond expectations. Gold prices smashed their way to fresh record highs of $1,249.40 an ounce last week, with demand driven by investors seeking shelter from the euro-zone debt crisis.

One Indian jeweller, Jatin Parekh, said: "Gold is considered a safe investment option when other markets are down."

Earlier fears that bumper gold sales for the weekend festival could be dashed by record-high prices appear to have been unfounded.

Shantibhai Patel, a jewellers' association president, said: "People seem to have absorbed the shock of price rises over the past week as can be seen from the way they were thronging gold shops."

Regular Joyalukkas customers also took advantage of the chain's Golden Rewards (JGR) card - a membership-based loyalty programme.

Card membership is offered to selected customers based on the individual's profile. The members receive a card with a unique number which tracks their purchases and updates the number of money-saving 'reward points' accordingly.

They can also visit the store's website and view their points and receive regular emailed updates on the latest Joyalukkas jewellery launches, promotions and happenings within the stores.

Joyalukkas Group is a world-renowned award-winning jewellery chain with international experience in retailing, manufacturing and exports. It boasts 78 showrooms across nine countries - India, UK, USA, UAE, Kuwait, Bahrain, Oman, Qatar and Saudi.

The group also offers a range of other services including money exchange and textiles.

For details contact 17556306.