'Akshaya' means eternal and buying valuable items is considered to bring good fortune, luck or success so gold coins feature at the top of the list as the ultimate in wealth and power.
Not all investors are large so the Post Office also focuses on the smaller investor, a wise move given that there are many smaller investors than large ones. Coins in the half, one and five gram range feature heavily with eight gram coins also on offer for those with just that bit more money to spend.
As well as the Post office many jewelery houses across India are also promoting heavily in order to attract more buyers. For example, stepping up to gain a slice of the gold pie, Tanishq, India's largest jewellery brand, is going to offer a free gold coin with every jewellery purchase. And when a customer buys diamond jewellery worth $3,882 and above, customers can get a flat 10% discount. Commenting on the season special, Sandeep Kulhalli, vice president, Tanishq said,.''Purchasing gold for Akshaya Tritiya is believed to bring about success and wealth. In sync with this joyous occasion, we have attractive discount offers that provide an opportunity to our customers to own exclusive Tanishq jewellery at better rates.'
This year, the festival starts on April 24 and the Post Office will be offering a rebate on a range of gold coins from 0.5 gram up to 50 gram of 24 carat with 99.99% purity.
Jewellers say that a 25 percent increase is expected in this years Akshaya Tritiya gold buying festival ''The consumer mood is upbeat despite the ruling high price. We expect sales to be 25% higher,'' said the All India Gems and Jewellery Trade Federation chairman Bachhraj Bamalwa.
He added that "though jewellers add new stocks during the Akshaya Tritiya festival, this year we are not building any new inventory till the government takes some positive steps and rolls back the hike in excise duty and customs duty proposed in the budget."