Investment in best interest..! How about buying Digital Gold this Akshay Trititiya?
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Mumbai, May 7: With India celebrating Akshay Tritiya, a festival of annual spring time, the gold markets today have managed to reach a height marking maximum sale in the state of Kerela, Gujarat and Maharashtra. Akha Teej, being an auspicious day that signifies unending prosperity, investments and buying gold today is considered to bring luck.
Jewellers, in the last few years, have been reporting double digit sales growth on the day. While the day usually marks sale of gold bricks, biscuits, bars and coins instead of jewellery, the youngsters this time are up opting for digital gold.
Digital Gold, being simple and transparent way to buy and sell gold instantly, is quite popular amongst the youngsters. Mobile wallet providers have started offering digital gold on their platforms, in partnership with MMTC-PAMP. Every gram of gold accumulated in the Digital Gold account is backed by actual physical gold which will be converted in the form of coins or bars.
The gold, purchased for any value, gets stored on behalf of the user in secure vaults at nominal cost. If gold is bought from the MMTC-PAMP platform, then there will be no storage charges for maximum of five years. Later the user needs to either convert it into gold coins or sell it.
Citing this the gold jewellers across the country have lined up enticing discounts for the customers. Gold is seeing a 7 per cent drop in prices from an over five-year high in February. Coupled with discounts, the jewellers are also expecting brisk sales for the day.
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.
The demand for gold is picking up after two years of slowdown in the market. According to the World Gold Council, Indian ancient legal texts like the Manusmriti claim that gold ornaments must be worn on important occasions, which eventually ensure the yellow metal’s popularity in India.