Akshaya Tritiya is widely known as the day to buy gold, whatever the amount, as it is believed to bring prosperity and success.
And what better time now, given the price of gold. According to a Bloomberg report, gold is one of this year’s best performing assets, and has room to extend its advance, according to top-ranked forecasters.
“The gold price has been quite resilient, which means that investors have definitely changed their attitude towards gold,” said economist Simona Gambarini at Capital Economics in London.
The report added that bullion had its best quarter in almost three decades through March after the metal regained its haven status amid volatile financial markets and the spread of negative interest rates.
This is good news for Indians who have a fascination for the yellow metal. Indians often associate gold with Akshaya Tritiya as they believe that buying gold on this day brings them good luck. Akshaya Tritiya became popular only in recent years and many are still unaware of what makes this a special day.
There are many theories behind the day, which falls on May 9 this year.
Also known as Akha Teej, Akshaya Tritiya is celebrated on the third day of Vaishakh, the first month on the Hindu calendar. Thus the title of Tritiya, which means third day, while Akshaya means never diminishing. It is one of the most important days for the Hindu community as it is the day of the birth of the Lord Parasurama, the sixth incarnation of Lord Vishnu. The Hindus consider this day lucky and believe that any initiative made on that day or anything bought on that day will bring good fortune.
According to science, both the sun and moon shine the brightest on this day, a natural phenomenon that occurs only once a year.
There are also many legends attributed to Akshaya Tritiya. A famous one is from the Sanskrit epic Mahabharata which narrates how the exiled Pandavas were presented with a bowl named Akshaya Pathram by Lord Krishna on this day. The bowl was never empty and provided a limitless amount of food. Thus, Hindus believe that anything bought or received on this day will be replenished.
Apart from celebrating weddings and starting new business ventures on this day, Indians also believe that gold and gold jewellery bought and worn on this day signifies never diminishing good fortune.
Singaporean housewife Dalbir Kaur is looking forward to buying herself some gold this Akshaya Tritiya. The 53-year-old, who frequents Little India for grocery shopping, said she has passed by jewellery outlets in the area and seen some attractive advertisements on promotions for Akshaya Tritiya.
“I know the significance of the day and I look forward to it every year. I always try to buy something small in gold on the day,” she said. This year, she intends to buy a lightweight gold anklet.
Mrs Sasikala Rathakrishna, 36, a financial consultant, who has been buying gold for the past seven years on Akshaya Tritiya, said: “Shops are very crowded on the day and I won’t be able to see the selections properly. But to mark the occasion, I will buy something small like a ring or earrings.”
Indeed, shops are already gearing up for the rush, with Malabar Gold & Diamonds having started its campaign The Great Gold Rush on April 22. To meet the demand of customers, Malabar Gold & Diamonds – which has four outlets in Singapore – is offering an advance booking facility, where customers can book their jewellery in advance by paying 10 per cent of the total cost first.
With every purchase of gold jewellery worth $1,000, customers get a chance to enter raffle draws to win up to 250 gold coins. In addition, those who buy diamond jewellery will get a free gift of pearl jewellery.
The shop has also unveiled its latest collection of jewellery specially designed for the festive season in gold and diamonds to suit the tastes of their customers of all races. They can trade in their old jewellery for the new collection offered by Malabar without any loss.
Any 22-carat old gold ornament can also be exchanged with Malabar by paying only workmanship charges. This ensures that customers do not lose any value on the rate of gold. All these offers will be valid at their outlets here until May 15.
The exclusive brands available at Malabar Gold & Diamonds include Ethnix – Handcrafted Designer Jewellery, Era – Uncut Diamond Jewellery, Mine – Diamonds Unlimited, Divine – Indian Heritage Jewellery, Precia – Precious Gem Jewellery, Solitaire One – an exclusive solitaire brand, NV – Trendy 18K Gold Jewellery, Ago Bay – Pearl Jewellery and Starlet – Kids Jewellery.
Over at Joyalukkas – whose showroom is located opposite the Perumal Temple in Little India – customers will be spoilt for choice in diamond, polki and pearl jewellery specially created for Akshaya Tritiya.
Said executive director of Joyalukkas Group John Paul Alukkas: “I am very pleased to launch the new limited edition Akshaya Tritiya collection which embodies everything that makes this occasion extra special for all of us.”
The Joyalukkas showroom saw about 1,000 customers on Akshaya Tritiya last year. It is anticipating more this year not only because gold prices are lower but also because it has introduced more varieties in its jewellery selection and has lined up some attractive offers for its customers.
Patrons will receive a free diamond ring when they purchase diamond, polki and pearl jewellery, as well as a free limited edition silver pendant set when they buy gold jewellery from May 7 to 9. There will also be no workmanship charges on 8g 22K gold coins.
In addition, Joyalukkas is offering a gold rate protection guarantee to its customers. They can get the day’s gold rate even when they opt for advance booking and pay just 10 per cent of the cost first. If the gold rate is higher on Akshaya Tritiya, customers who booked their jewellery in advance will still receive the lower gold rate that they booked under.
If you pop by Great United Goldsmith & Jewellery on Buffalo Road, you can expect to choose from new designs and collections such as jewellery sets meant for office wear, bracelets with charms and the latest necklace designs.
The firm’s director William Loh Choy Choo told tabla!: “Times have changed. Previously, people go for our bestseller items which are heavier in weight but now they prefer lightweight jewellery.”
Apart from buying an anklet for herself, Ms Kaur – who is also planning to buy a lightweight necklace for her daughter – said: “Lightweight jewellery is not only cheaper but looks more trendy. Heavier ones are usually worn during grand occasions such as a relative’s wedding. But for everyday use or for casual outings, lightweight jewellery feels more comfortable and appropriate.”
Great United Goldsmith & Jewellery, which started its advance booking in early March, will have a priest in its outlet for customers to get their jewellery blessed. Said Mr Loh: “On this holy day, we will set up an altar in front of our shop to perform the rituals and proceedings in a meticulous manner. We will have a priest on standby at the altar to bless customers’ jewellery for free after the purchases are made at our shop.”
Merlin Goldsmith & Jewellery, which has its outlet on Serangoon Road, has brought in a new necklace range for this auspicious occasion like peacock Kolkata designs. Its collection of bangles are exclusively selected from Dubai, Kolkata and Mumbai. These items are available from $600 onwards.
The shop’s director Ko Siong said: “People are always looking for new, creative and innovative designs in gold jewellery from earrings to necklaces of all kinds. We look forward to welcoming men and women of all ages at our store on that day. They can expect to choose from a good range of necklaces, bangles and especially bracelet and bangle charms brought in on this auspicious occasion.”
The shop is giving away free leather charm bracelets for gold charm purchases of $300 and above, while stocks last. Customers will also be given a mystery free gift if they book their jewellery in advance and collect it on the day of Akshaya Tritiya.
To complement the spirit of the festival Jewel Palace, located on Buffalo Road, will offer its customers the lowest price in the market for 916 gold. Its director S. Mohamed Najumudeen said: “Our price will be even lower than the market price for gold. We will also offer our customers the lowest making charge.”
Jewel Palace, which started its advance booking on April 15, has brought in a new collection of rings, bangles, earrings and necklace sets and other items from India and Dubai.
With an extensive range of gold and diamond jewellery on offer, customers are definitely spoilt for choice this Akshaya Tritiya.
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