Akshay Tritiya Witnesses Decrease In Gold Purchase & Weddings This Year

EE News Desk Apr 21, 2023

The upcoming Akshay Tritiya festival could result in a combination of favorable and unfavorable outcomes for the gem and jewelry sector. Currently, the price of gold stands at Rs 60,000 per 10g and is projected to continue to increase. However, due to the planetary alignment of Jupiter being 'ast' or combust until the end of the month, fewer weddings are scheduled to take place on this day, as stated by a media outlet.

Akshay Tritiya is one of the most auspicious three-and-a-half mahurats of the Hindu almanac for performing religious rites and making purchases.

Pandit Bharat Bhushan Mishra of Malad told to a media house, "The Akshay Tritiya mahurat starts at 7.50 am on Saturday April 22 and ends at 7.47 am Sunday April 23. But the festival will be celebrated on Saturday alone. This time, fewer weddings will be performed because the planet Jupiter (Guru) is combust (ast'). It will rise on April 29 after which there are big wedding mahurats on May 1, 2 and 10."

Pt Bharat Bhushan explained the rites and rituals associated with the festival. "One must worship Goddess Lakshmi by reciting the Shri Supt or 'Om namo bhagwate vasudevay namah' and pray to Lakshmi-Narayan together. Gold and silver are certainly auspicious purchases but if one cannot afford these at the present high rates, one can buy copper, or a Shivling, crystal tortoise or sphatik (quartz) mala, or a Dakshinavarti shankh (conch). Any prayer, purchase, offerings to ancestors, act of charity done this day brings prosperity and does not diminish.!

Bullion traders have their fingers crossed. "With gold rates crossing Rs 60,000 per 10 gm, buyers have become wary. Even though prices have come down a little bit, they remain bullish. This will affect sales during Akshaya Tritiya. We expect a 20 per cent dip in volume from last year," Saiyam Mehra, chairman of the All India Gem and Jewellery Domestic Council (CJC) told PTI.

In Zaveri Bazar, Kanaya Kakad of J K Brothers told to a media outlet, "We are praying that Akshay Tritiya business should be good because we know that the prices of gold are going higher day by day. This is an important festival to boost the sentiments of the industry. Over the past three months recession is going on in the industry because of the change in the taxation policy."

Like other goldsmiths, Waman Hari Pethe's Dadar Ranade Road branch has devised a blend of new designs and attractive discounts to draw buyers. Manager Yogesh Thakur said, "We have issued anew collection which is faring well. Until Akshay Tritiya, we are giving 15% rebate on making charges for gold ornaments and 50% off on that of diamond jewellery."

Thakur admitted that the psychological barrier of Rs 60,000 has driven customers to adopt a "wait and watch" attitude. "Most people have completed their wedding purchases by now so unless there is a pressing need, they will wait for rates to decrease. However, there is a buzz that gold will climb to Rs 65,000-75,000 by Diwali," he said.