As physical stores remain closed amid coronavirus lockdown, gold sales are expected to be muted on Akshaya Tritiya this year. Higher demand is traditionally recorded on this day as gold buying is considered auspicious on Akshaya Tritiya which is being observed on April 26 this year. Amid this exceptional crisis, retailers are now focussing on online platforms to sell gold items. Various retailers are offering online gold buying facilities to their customers. Mobile wallet companies such as Paytm, PhonePe, among others are offering digital gold. These fintech firms are selling gold on their app through partnership with MMTC-PAMP.
There are also retailers accepting advance payment with an assurance to deliver physical gold coins after lockdown. "Companies are conducting sales through our online website and getting good response. We are booking for Gold Coins sale through our site by accepting advance payment with assurance to deliver the underlying goods, once the lockdown is over or courier delivery begins. Customers can take virtual delivery by making payment and keep their auspicious buying considered to be good omen for year to come," Vidit Garg, Director, Kundan Group, said.
Tanishq, one of India's largest branded jewellery makers, is offering discounts ranging up to 25 per cent on gold and diamond jewellery making charges. "Akshaya Tritiya is a special occasion to buy gold. Nearly 54% of our regular Akshaya Tritiya buyers expressed interest to pursue the tradition of buying gold on this day. So, we decided to make it a e-Akshaya Tritiya this year," Ajoy Chawla, CEO, Jewellery Division, Titan, said.
Malabar Gold & Diamonds is offering a discount of 30 per cent on gold jewellery making charges and also offers to deliver items at rates lower than booking or existing rates after lockdown opens. Even as online buying is a convenient way to purchase gold, the customers should closely compare the features and making charges on products across the board while making purchases, the experts said.