Gold in the district of Madurai, popular across South India as the city of temples and Madurai Meenakshi Amman Kovil, holds a cultural connection. The Gold rates today in Madurai is collated by Sify.com from prominent and credible jewellers and associations within and near the city. These rates are exclusive of GST and making charges and are valid through the district including prominent towns and villages.
Madurai & Gold:
The land of Meenakshi Amman Kovil... The Jasmine Capital (Madurai Malli) of India... Land of the Jallikattu.... Gastronomist's paradise... Known for its chutney and that chilled serving of Jigarthanda... Madurai, the third largest Indian city on the banks of Vaigai river is the land of rich culture and tradition. The oldest city of South India and second oldest in India (first is Varanasi) is a popular pilgrim destination and promotes Tamil language via "Sangams" and festivals - Chithirai Thiruvizha.
When it comes to Gold and Silver, Maduraivaasis have lores on Kings and Queens decked with precious metals and gemstones. This connection is visible aptly in the tall gopurams, magnificent temples and colorful festivals. Many of those temples were built in the 12th century by Pandyan and Madurai-Nayak kings in the Dravidian style of architecture.
The Madurai Meenakshan Amman Kovil is a heritage site that withstood the plunders of Ala-ud-din Khilji's general Malik Kafur Although there is no official estimate on how much Gold existed at the temple during the raids, there are multiple accounts of tons of Gold that made its way to Khilji's booty. The temple itself has received several donations of Gold, Silver and gems from worshipers. Tamil Nadu, the land of temples has a rich culture of over 30,000 temples. Of this, over 300 temples are located in Madurai. These temples with their stories on deities and connection with gold forms a rich tradition narrating the relationship between Gold and Madurai.
The epic tale of Silappatikaram which revolves around Kannagi, her jeweled anklets and a curse that turned Madurai to ash is one such lore. In this tale, Madhavi a court dancer is described as a beautiful lady wearing a garland made of 1,008 gold leaves and flowers. The epic lore also details jewelry forms such as the Contrakaram (necklace), Silambu (bracelet), Salangai (anklet), and Padakkam.
Now that you know of the royal origins of the Silambu and necklace, you should also know of another lore from granny's collection - what the Portuguese saw at the tip of Athens of South India. The mariners, oblivious to Madurai's topography steered their ships to follow a pure white ray of light. That ray of light came from a Vaira Mukkuthi (Diamond nose-ring). Guess who's nose-ring ring was that? It was none other than the Madurai Meenakshi Amman.
Gold rate calculation in Madurai:
Gold rates change on a daily basis and are decided mostly by local jewellers and the Madurai Jewellers and Bullion Merchants Association (MJBMA). These rates are in sync with international rates as well as those decided by Madras Jewellers and Bullion Merchants association. Besides, Madurai, Sify.com collects and informs buyers on gold rates for at least ten other cities from the state. Sify.com's 22 and 24 Karat gold rates are used by jewellers as well as bullion traders. Prospective buyers and hobbyists also keep a track of gold rates from these pages. Here are the gold rates in other cities of Tamil Nadu:
Rates mentioned by the Chennai headquartered MJDMA (Madras Jewellers and Diamond merchants association) has some influence since rates in Madurai usually quotes higher than Chennai by a small margin. Leading jewellers from the district may cite rates different than the one cited by the association owing to differences in business operations, logistics and margins. Sify.com ensures that rates are collected from as many sources to reflect with near-time market trends.
Gold rates in Madurai tracks the developments from international trends and closely follows the rates in Chennai, besides local demand and supply related developments. The difference between Madurai and the state capital is not much.
Good time to buy Gold in Madurai:
Maatu-Pongal and Diwali are big festivals. Some prefer to check Muhurats to buy Gold. Here is a list of Muhurats to buy Gold in 2020. Of late, it is common of Gold buyers to consider investing in bullion. The trend of investments in Sovereign Gold and even MCX trading is fast-gaining given the rising growth of banking and broking services in the district.
Popular Jewellery Ornaments in Madurai:
In contemporary times, gold and jewellery has become a way of life not associated only with temples but also with festivals, marriages, social customs and traditions. For instance, Gold coins bearing figurines of popular signs related to the local culture can be seen as souvenirs bestowed upon winners during events such as the Jallikattu. The debated sport-festival is held during the Mattu Pongal celebrations. With surging population and affordability, the demand for Gold and Silver is ever-growing.
Time-Trusted & Popular Gold Showrooms of Madurai:
Gold in Madurai has remained a family operated business passed on from generations and the consumer demand has remained in favor of 22 Karat or lower form jewellery. The Avani Moola Street has several jewellers and artisans who've been in the trend for decades. Life has been tough for many of these artisans and small-medium jewellers due to the lockdown and dent in consumer-buying visible during the Covid pandemic season.
Gold jewellery is an art in Madurai that has existed for several generations. Until 1960s the main Gold market was mostly based out of Amman Sannathi. The bazaar later expanded towards Jhansi Rani Park and subsequently got nicknamed as the Anju Kada Bazaar (Five shops market). Gold jewellery designing is a generations-old business. Shops such as the RM Appavu Chettiar Jewellers have operated for over hundred years. Jeyaprabha jewellers is another popular name that has existed for several generations. In Madurai, an entire market of jewellery shops selling Valaiyals (bangles), Chains, Mukkuthi, and jewelleriy for women, kids and even men is operational on South Avani Moola Street and Meenakshi Koil Street. In recent times, many avenues have branched out to Melur, Usilampatti, Peraiyur, Virudhunagar, Thirumangalam besides Madurai South and Madurai North.
The district has at least 100 BIS certified Gold jewellers and over ten for silver jewellery. Popular jewellers include Kalyan Jewellers, Thangamayil Jewellery, Sri Priyanka Jewels, Malabar, Joyalukkas, Bhima Jewellery, Tanishq, Kirtilals Diamonds and Jewellery.
Why subscribe to authentic rates:
If you are keen on building a financial portfolio, you should know what analysts recommend – 10-15 percent of holdings in Gold or gold-backed instruments. It is needless to say that investments in Gold protects savings from inflation. Of course, Gold has been the preferred form of investment for scores of investors. It has won the trust among housewives and always rescues during rainy days. But investment in Gold may not appear that straight-forward. Sify.com features insights and rates that simplify complicated concepts associated with investment in Gold.
Our objective is to save your money. Information that helps investors negotiate on best rates results in significant savings. After all every rupee saved is well earned. The gold rates in Madurai also features insights on jewellers. You can also download the Sify Gold rates app to track the latest gold rates for prominent cities across India.
Disclaimer: Sify.com showcases news, analysis and gold rates with the sole objective of financial prosperity for all. The rates mentioned may vary within the same city and readers are hence advised to consult with a registered financial advisor. For any complaints, feedback, opinions or to share experiences write to email@example.com with the subject – Gold / Bullion.