BackHow to buy gold online for Akshay Tritiya amid lockdown
Many jewelers are offering consumers the option of buying gold on Akshay Tritiya and taking them home on a later dateMany fintech companies like Paytm are selling digital gold on their app
PremiumWith physical stores closed amid lockdown, many jewellers are focusing on online route to cater to Akshaya Tritiya demand for gold. Purchase of gold on Akshaya Tritiya, which falls on April 26 (Sunday) this year, is considered auspicious. Traditionally, sales on Akshaya Tritiya range from 20 tons to 25 tons, representing about 4% of the country’s total annual consumption, says rating agency ICRA. But this year due to lockdown-related restrictions sales are set be hit significantly, particularly in rural areas.
Though the delivery of non-essential goods is not allowed by the government currently, jewelers are offering consumers the option of locking in their products on the day and taking them home on a later date.
Tanishq, the jewellery brand from the house of Tata, will cater to the Akshaya Tritiya gold demand through its e-commerce platform. Ajoy Chawla, CEO, Jewellery Division at Titan Company Limited, said: "We have launched new technology initiatives such as video calling feature, live assisted chat on our website and setting up of a remote war room to resolve any customer query in real-time to name a few."
Jewellery retailer Kalyan Jewellers has announced sale of gold ownership certificates through online platform in view of Akshaya Tritiya and the nation-wide lockdown in force to contain spread of coronavirus.
Malabar Gold & Diamonds is offering online gold buying facility for its customers.
The first tranche of gold bonds of this fiscal (2020-21) opened for subscription earlier this week and closes today. The issue price has been fixed at ₹4,639 per gram of the yellow metal. The issuance date of this tranche of gold bonds has been fixed on 28 April.
Fintech companies like Paytm are selling digital gold on their app through partnership with MMTC-PAMP.
Pankaj Bobade, head of fundamental research, Axis Securities, said: "Gold is a hedge against uncertainty and a good investment vehicle, especially in the current scenario. With the COVID-19 pandemic bringing the world economy to a standstill and a possible contraction ahead, gold seems an attractive option. Moreover, as the central banks of developed nations have been on easing spree to fight the economic contraction, the fiat currencies are expected to face pressure in the near future. In such a scenario, gold is likely to emerge as a safe-haven asset. One should have a part of the portfolio invested in gold ETF as an insurance against the possible volatilities expected in the global financial market. So, if this Akshay Trithia you are looking to buy gold, gold ETF would be a good option from a long-term perspective."
(With Agency Inputs)
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