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Gold loses its sheen this Akshaya Tritiya
Highlights
Gold loses its sheen this Akshaya Tritiya. Hindus believe in the theory of ‘mahurats’ or auspicious timings in every step of life - be it starting a new venture or making an important purchase.
Hindus believe in the theory of ‘mahurats’ or auspicious timings in every step of life - be it starting a new venture or making an important purchase. Akshaya Tritiya is one such momentous occasion, which is considered one of the most auspicious days of the Hindu calendar. It is believed that any meaningful activity started on this day would be fruitful.
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Buying gold is a popular activity on Akshaya Tritiya as gold is the ultimate symbol of wealth and prosperity. Gold jewellery bought and worn on this day signifies never diminishing good fortune.
However, this Akshaya Tritiya might not be as exciting as it used to be, at least for gold jewellers of the city, as the metal has lost its sheen this year and is unlikely to return soon, resulting in a steep fall in sales.
Jewellers in Hyderabad have announced several offers to lure customers but they are not so aggressive. “The marketing strategy does not seem to have a major impact on buying,” says Vinay Agarwal of Satyanarayan Jewellers.
Gold prices have increased by 12.5 per cent due to fall in the rupee value since the last Akshaya Tritya which fell on May 13 last year.
Because of the election-related vigil on cash transfers and the overall scenario this Akshaya Tritiya’s demand for gold jewellery may be affected. “The fear of carrying cash above Rs 25,000 due to the election code has hindered sale,” says Kamal of Pushpa Jewellers in Old City.
“There has been a huge impact on business for all sectors,” says Anirudh, a business analyst. “Many investments are being held back as investors are sitting on the fence for a new government to be formed. But their decisions are unlikely to be dependent on any particular party coming to power and would be mostly made on the basis of governance stability. So to increase the sale of gold this Akshya Tritiya, we need stability for growth,” says Praveen, one of the bullion traders in Siddiamber Bazar.
Many have already cut their marketing expenses, with the overall trend not in favour of the bullion trade. “What is the point in setting up big hoardings, increasing salesmen and bring in variety when there are no sales,” laments Dheenanathji of the Bazar. “Though we wish to buy gold, there is a severe cash crunch. Bifurcation has had an impact on my husband’s textile business. There is no cash in the market. Many people owe him money, and business houses are finding it difficult to pay even small amounts. Where can we buy gold from?” says Kalyani, a housewife.
What is Akshaya Tritiya?
The second month of Hindu year, Vaishakh’s Shukla Paksha’s third day is called Akshaya Tritiya. It is a major festival of Sanatan Dharma.
Why Vaishakh Shukla Tritiya is called Akshaya Tritiya?
According to shastras, Snan, Havan, Jap and other work undertaken this day are ‘Akshay’ which means that works undertaken on this day would be successful. That is why this day is said to be auspicious.
Which mythological beliefs make Akshaya Tritiya auspicious?
Hindus believe that Lord Ganesha started writing the epic Mahabharata to Veda Vyas's dictation on this auspicious day. It is also believed that on this day the river Ganges, the most scared river for purity, descended to the Earth from heaven and the Treta Yuga began.
For the Jains, this day is considered holy as it is associated with Lord Adinatha (Rishabhadeva), first of the 24 Tirthakaras.
According to the scriptures, Vaishakh is the period of devotion to Vishnu. On Akshaya Tritiya, Lord Vishnu’s avatars Narayan, Haygriv and Parshuram, were born. This is why on this day Parshuram Jayanti and Narayan Jayanti is celebrated. Worshipping Goddess Lakshmi too on this day is considered lucky.
What should be donated on Akshaya Tritiya?
Barley, wheat, gram, sattu, yogurt, rice, sugarcane juice, milk, milk solids, sweets, gold vase filled with water, cereal, juice and all summer foods are donated.
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