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Tomorrow Is Auspicious For Buying Gold And Jewellery

Monday, April 20, 2015
By Ishu Datwani

Akshaya Tritiya 2015

Ishu Datwani Founder, Anmol Jewellers

From early 2007 to mid-2012, gold was considered a safe haven investment. But there has been stagnation in the price of the yellow metal in last three years. Gold price has largely remained range-bound with a bearish bias, with the Rs. 29,000 mark becoming a big barrier in the domestic market.

Unseasonal rains and hailstorms in several parts of the country have damaged the winter crop, impacting rural demand and effectively putting less disposable income in farmers’ hands and hampering their gold-buying capacity. With two-thirds of India’s gold held in rural areas, efforts to curb its imports with schemes to monetize holdings or convert them into paper bonds won’t have much sheen till the mindset towards physical possession of the precious metal is changed.

However, Akshaya Tritiya is one of the most auspicious days of the year for buying gold and jewellery. Gold prices are fluctuating on an upward trend, yet the sales are expected to be usually good on this day.

The sales graph is on an uptrend. At the onset of weddings in May, sales are expected to increase by 20-25% this year on Akshaya Tritiya. Moreover, jewellery store outlets across the country offer various discounts and attractive offers to grab the customer’s attention adding to the sales on Akshaya Tritiya.

Keeping with market trends and since the occasion also coincides with our 29th anniversary celebration and we have designed a special ‘Champagne Bucket Challenge’ at our stores in Mumbai and Delhi, where clients can get up to 100% discount on making charges of jewellery and fabulous gifts with every purchase, which we believe will be an added incentive for our clients to buy on Akshaya Tritiya this year. Temple jewellery & long necklace sets in gold, 'chaandbalis' and diamond bridal chokers are trending this year for Akshaya Tritiya.

We expect jewellery demand growth to be ~10% during the current year, supported by recent regulatory reliefs for the industry. Over the long term, gold jewellery demand in India is supported by cultural underpinnings in India, evolving lifestyle and growing disposable income, especially in tier 2, tier 3 and rural markets which account for a major chunk of the demand.

NSE, BSE extend gold ETF trading hours on Akshaya Tritiya
Leading stock exchanges NSE and BSE have announced extended trading hours for Gold Exchange Traded Funds (ETFs) till 7 PM on April 21, on account of Akshaya Tritiya. BSE has also decided to waive off transactions charges for all trades in gold ETFs on that day, when it is considered auspicious to buy the yellow metal,

The exchanges will conduct extended live trading session on Tuesday, April 21 for trading in Gold ETF securities only, the two bourses said in separate circulars. After the regular market hours from 9:15 AM to 3:30 PM across all segments, trading in gold ETFs will resume at 4:30 PM and continue till 7 PM that day, it added. The gold ETFs track the physical market gold prices and each unit of these ETFs is generally equivalent to one gram of gold.

It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshaya Tritiya in India. Trading in gold ETFs is usually higher on these days. In Gold ETFs, returns are linked to the domestic price of physical gold but spare the investors from the trouble of buying and keeping the yellow metal in physical form. The extended trading would be allowed in gold ETFs of Axis, Goldman Sachs, HDFC, ICICI Pru, Kotak, Quantum, Reliance, Religare, SBI, UTI and Birla Sun Life mutual funds.

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