JOIN USAkshaya Tritiya, also known as the ‘Gold Festival’ saw the stores being virtually mobbed by customers. Along with discounted prices, gifts and prizes, there was an increasing demand for gold coins.
Abhinav Tiwari, a freelance photographer, says: “I believe in Akshaya Tritiya as my family has been following it for a long time. But we do invest in gold coins and they have come in handy in the recent past.”
Investing in gold coins makes good economic sense as the coins can be used or exchanged at a later stage, and the value of gold is ever increasing. Even those who don’t believe in Akshaya Tritiya see the investment as wise.
For example, Minal Ghuge, who does not strongly believe in Akshaya Tritiya, says: “Gold coins come in handy during occasions like marriages when we can make ornaments out of them."
While most believe in buying gold, some believe in doing good on the occasion. Usha Uday Kumar, a counsellor, says: “I do not believe in buying gold, but I would love to make a donation to the poor or do something good.”
The jewellers were well prepared for the big rush. Chandrashekar, Branch Manager of Shubh Jewellers on MG Road, said: "We received a large number of customers who invested in gold coins. The coins are saved and sold by the investor only when the rates are high in the market." Discounts were the usual tactic to beat the competition.
Tax campaign
Over 60 officers of the State Department of Commercial Taxes utilised the occasion to conduct a two-day campaign to educate jewellers, gold traders and buyers on the enhanced tax on gold and bullion.
They persuaded jewellers and gold traders to display boards announcing that the tax on precious metals had increased to two per cent on April 1, from one per cent earlier. The officers also urged buyers to insist on tax invoice.
Over the two days, they covered the traditional jewellery markets such as CT Road, Avenue Road, Nagarthpet, Chickpet, Raja market, Jewellers’ Street in Shivajinagar, and other localities in the City.