Spike in online gold sales as retailers shut down; flood of lucrative offers ahead of Akshay Tritiya

By: |
April 25, 2020 4:04 PM

Along with the online platforms, physical stores are giving lucrative offers and heavy discounts during Akshay Tritiya.

gold jewellery, akshay tritiya, buying gold, gold, silver, Gold coins and gold bars in the range of Rs 4,000-5,000 are being more preferable to buyers. (Bloomberg image)

As the largest festival of buying gold — Akshay Tritiya — is around the corner, the buyers’ enthusiasm has not whitewashed due to coronavirus-led lockdown. While many experts predicted that the gold market will not have any reason to cheer this season, the online gold buying saw an increase of eight per cent on the occasion of the upcoming Akshaya Tritiya festival, said Sachin Kothari, Director, Augmont, an online trading company that sells gold and silver. Gold coins and gold bars in the range of Rs 4,000-5,000 are being more preferable to buyers and we are sure there will be brisk gold buying digitally in the days to come, he added.  Apart from the online platform, physical stores are also giving lucrative offers and heavy discounts of up to 50 per cent in making charges during the festival, assuring the delivery immediately after lockdown is lifted.

While a company Gem Selections has offered its customers an online option to invest in gold by paying a small token amount starting from Rs 100 this Akshaya Tritiya, PNG jewellers has announced the launch of Vedhani e-vouchers and the pure price offer to facilitate the booking of gold. Similarly, RK Jewellers is giving a 50 per cent discount on making charges of gold jewellery, along with assured silver coins with every purchase of Rs 10,000 or above.

Also Read: Congested jewellery shops may keep people away from buying gold, silver even after lockdown ends

Akshay Tritiya has been a day of high-scale gold buying across the country as it is considered to be very auspicious. However, this year, the ongoing Covid-19 crisis has forced all retail shops to shut down during this auspicious period. Even as the companies are trying to make their offers as lucrative as they can, the businesses are expected to be drastically hit this season.

Given the current situation due to the COVID 19 crisis, this is an unprecedented and unexpected Akshay Tritiya this year, said Saurabh Gadgil, Chairman and MD, PNG Jewellers. He expects to do around 5 to 10 per cent of the business compared to last year. In fact, even the path ahead for the jewellery industry is also dark as most jewellery markets in India are located in the awfully congested spaces of the cities. From Zaveri Bazaar in Mumbai, Manek Chowk in Ahmedabad to Chandni Chowk in Delhi, implementing social distancing, or adequate safety measures in these areas will be difficult and this may prevent customers from visiting these shops.

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