Kolkata: Akshay Tritiya will be observed on April 19 this year. It is a ritual of prosperity and good fortune that a large number of Indians observes.
Many buy gold and silver jewellery on this occasion. But now with gold prices near the peak, it has also become a matter of financial prudence. Analysts point out that with such elevated prices more and more potential buyers are exploring the questions of pricing, timing and long-term value. The gold prices are now ruled by the ongoing military conflict between the US and Iran and the value of the dollar in the global markets and interest rate expectations. The question: Is it prudent to pre-book gold and silver jewellery ahead of Akshaya Tritiya? Will prices rise further in the next few days? Let’s have a look at a few smart strategies.
Smart tips before Akshay Tritiya
- Do not rush into schemes that promise price lock. Sales promotion offers are to induce pruchases. They are not meant to protect you from the risks. Do not overpay.
- One should calculate the real cost. This is not just the price of gold or silver. Making charges in jewellery can be very hefty and can even comprise one-third price of a piece. Then there are GST etc which can really push up the priced. When selling you are not getting back the making charges.
- Buy only hallmarked jewellery. You will get a purity certificate and a bill. It will be of use when and if you need to sell the jewellery or exchange it for another one in future.
- One should also read cancellation terms carefully. There should not be fines and deductions if you withdraw your funds and cancel the purchase. Read the terms carefully before investing.
- You could move beyond jewellery and buy other forms of gold such as gold ETFs, silver ETFs, which linked to gold.
Malabar Gold and Diamonds
One can also buy stocks related to gold and silver. Such stocks are also in the news every day. One such stock is Malabar Gold and Diamonds. Reports state that Malabar Gold and Diamonds has sold 0.8% stake in Tribhovandas Bhimji Zaveri, a prominent gold jewellery company.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)
