by Shivom Seth:
"The gold buying festival is on in India. Akshaya Tritiya, a day considered auspicious for buying the precious yellow metal has got both consumers and jewellers in a tizzy, with jewellers expecting a 25% increase in gold business in one single day and consumers scrambling to make up their mind over the varied discounts on offer.
"Average gold sales during the last three years have been around 40 and 42 tonnes in one day. Akshaya Tritiya, which means 'never diminishing', falls on April 24 this year, and is considered to be one of the four most auspicious days to bring the precious metal home. This year, in a run up to the festival, retailers are offering unheard of discounts and promotional offers to lure customers.
"We have had the three week strike against excise duties levied by the government in the Budget. We are leaving no stone unturned to ensure that the footfalls multiply tomorrow and that consumers can avail themselves of the choicest piece of jewellery or gold bar after the famine-like conditions that most have experienced,'' said Manish Jha, bullion trader in Mumbai."