Akshaya Tritiya, also known as Akshay Tritiya or Akti or Akha Teej, is an annual spring time festival of the Jains and the Hindus in India and Nepal. It is an auspicious day that signifies unending prosperity. On this day, investments and buying gold is considered to bring luck. This year, Akshaya Tritiya is being celebrated on May 7 and gold jewellers across the country have lined up enticing discounts for the customers. Akshay Tritiya is the second-biggest gold-buying day in India after Dhanteras festival during Diwali, which is also considered to bring prosperity. This year, Dhanteras will be celebrated on October 25. On Akshay Tritiya, the Char Dham pilgrimage also begins with Gangotri and Yamunotri shrines in Uttarakhand opening up for the public on the occasion.
Gold is seeing a 7 per cent drop in prices from an over five-year high in February. Coupled with discounts, the jewellers are expecting brisk sales.
"Our customers wait for Akshaya Tritiya as we offer special discounts on this day. Last two months have been very slow for the market due to elections, but we are expecting good sales today," a jeweller from Rajkot told news agency ANI.
A customer said, "It's a custom in our house to buy gold and silver today. I have bought a gold necklace to mark Akshaya Tritiya."
While retailers like Malabar Gold and Diamonds are offering as much as 50 per cent off on jewellery-making charges, Tata Group's Titan Company is giving a discount of up to 25 per cent. The charges vary from store to store and city to city and can contribute as much as 10 per cent to the total cost of an ornament. Kerala-based Kalyan jewellers is giving away gold coins for free to some customers, reported Bloomberg.
The demand for gold is picking up after two years of slowdown in the market. On Akshay Tritiya, prices of gold fell in Delhi. Gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 50 to Rs 32,670 and Rs 32,500 per 10 gram, respectively. Silver ready fell by Rs 10 to Rs 38,120 per kg and weekly-based delivery gained Rs 44 to Rs 37,334 per kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
(With inputs from ANI, Bloomberg)