How to buy gold on Akshaya Tritiya during lockdown in India

To cater to Indians who always buy gold on the auspicious occasion of Akshaya Tritiya, jewellers have turned to innovative options online.

How to buy gold on Akshaya Tritiya during lockdown in India

The auspicious occasion of Akshaya Tritiya is just a few days away. If you are among many Indians who buy gold without fail every year on this day, don’t be disheartened. Even though India is in a lockdown due to the Coronavirus pandemic, there is still a way to get your hands on the shimmering yellow metal. 

Millions of Indians purchase gold on Akshaya Tritiya, which this year will fall on April 26, as it is believed to bring in prosperity. Here’s how you can continue the tradition.

Tanishq

Tanishq already has its own dedicated e-commerce platform that sells gold and diamond jewellery, gold coin and gold bars. It has launched its Akshaya Tritiya offer on the portal. You will get 25% off on making charges on purchase of gold and diamond jewellery. You can also buy gold coins during this period. The product will be delivered to you once the lockdown ends or you can go to a store and pick it up. There is one more sweet incentive for buyers. You can purchase gold coins during Akshaya Tritiya and exchange it for jewellery at prevailing gold rate until November 30, 2020. The making of the gold coin will hence be fully refunded. The offers are valid until April 27, 2020.

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Malabar Gold and Diamonds

Malabar Gold and Diamonds too wants you to stay at home and buy online this Akshaya Tritiya. It is offering 30% off on making charges and 20% off on diamond value. You can pay digitally as per gold weight or diamond value on today’s prices on its website. Once the lockdown is over and the stores open, you can walk into any store and pick up what you like, as well as avail of Akshaya Tritiya offers. To make it profitable for customers, even if the gold price changes at the time of purchase, you will get your jewellery at the booked rate or prevailing rate, whichever is lower.

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Candere by Kalyan Jewellers

Candere by Kalyan Jewellers has an innovating solution. It is offering gold ownership certificates to its customers who want to purchase gold on Akshaya Tritiya. You can book your gold ownership certificate from 1 gram gold onwards. All you have to do it go on the website, select the weight of gold and pay online. Following this, the certificate indicating the ownership of gold with a certain value, will be sent to you digitally on the auspicious day itself. You can use this certificate to redeem the same for jewellery or gold coins after the lockdown is over at any Kalyan Jewellers store.

Related: Factors that affect gold prices in India

PhonePe

Digital wallet PhonePe is also offering customers a medium for buying gold. You can buy certified 24 Karat gold via its mobile app. You can get cashback of up to Rs 200 on your purchase. You can take the physical delivery of this gold post the lockdown or continue to keep it in its digital form with PhonePe. This gold will be stored in a free bank-grade insured locker facility by the company on your behalf. PhonePe has partnered with SafeGold and MMTC-PAMP.

Gold bonds

The government periodically opens subscriptions for the Sovereign Gold Bond (SGB) scheme, and this Akshaya Tritiya instead of physical gold you could opt for the Series-I of the SGB, which opened for subscription on Monday, April 20. It will remain open for five days till Friday, April 24, 2020. You can purchase the Series-I bond at Rs 4,639 per gram and receive an additional Rs 50 discount per gram for online transactions. 

SGBs are a great way to build your long-term gold portfolio. In addition to the expected capital appreciation, investors can earn an additional 2.5% interest per annum (on the issue price), and the maturity value is exempt from Capital Gains tax too.

Related: 5 Gold schemes offered by jewellers and how they work

This is not an exhaustive list. You can check online for other jewellers and mobile wallets that have offers for Akshaya Tritiya. 

Hope this purchase brings you eternal wealth. Until then, stay safe! If you are planning to buy gold, here are 5 things you must be mindful about before you invest in yellow metal.