Akshaya Tritiya is considered the most auspicious days to buy gold, silver, ornaments or land in India. The day is auspicious to Hindus and Jains. For Hindus, it marks the birthday of Lord Parasurama, the sixth incarnation of Lord Vishnu and legend goes that on this day, Veda Vyas and Lord Ganesha began to write Mahabharata.
Another significant feature of the day is that both in Jain and Hindu calendars, some days are absent owing to tithi but Akshay tritiya is one day which is never “absent” from the lunar calendar.
The word “Akshaya”, which means the never diminishing in Sanskrit, is believed to bring good luck and the legend is that any venture initiated on Akshaya Tritiya brings in more prosperity. Many believe that starting a business, construction, or major purchase on the day is good.
The auspicious day Akshay Tritiya falls this year on Friday, May 2 and in India retail gold sales peak during Akshaya Tritiya and Dhanteras, the two most auspicious dates to purchase gold for Hindus according to their tradition.
“Sentiment is only marginally better compared to last year. There is a shortage of gold in the market because of the restrictions placed by the Reserve Bank of India,” said Lalit Jagawat of Nakoda Bullion to Reuters.
Owing to peak in gold demand today, retailers and dealers have announced special schemes in a bid to lure customers to buy more and Reliance Jewels is offering a flat Rs 111 discount per gram of gold jewellery as part of its Akshaya Tritiya promotion scheme.
More than the physical retailers of gold, the year 2014 has seen spike on online retailers offering discounts and deals on Akshaya Tritiya.
Homeshop18 has offered “2 gm Gold Coin @ Rs 6295” on its retail webiste while Snapdeal offered discount on its website. Flipkart has beaten them all offering special flat 30% off on its precious jewellery category this year.
In view of Akshaya Tritiya, the retail traders have decided to keep their shops shutter open for business for extra hours on Friday.
Owing to government policy to discourage gold buying and imports, the brouhaha built around Akshay Tritiya has significantly fallen from favour.