This Akshaya Tritiya, several young professionals are investing in gold, combining sentiment with sound planning
There was a time when parents and family elders would take it upon themselves to buy gold every time whenever it was possible. And on occasions like Akshaya Tritiya, a small gold souvenir, if not an elaborate piece of jewellery, simply had to be bought for posterity’s sake. Of late however, an increasing number of young professionals have also begun to invest in the precious metal on such occasions. The reasons vary from carrying forth family traditions to making sensible investment choices.
Anubha Singh, a communications professional, prefers to buy some jewellery every year on Akshaya Tritiya. “I started doing this because I grew up watching my parents do so. Also it seemed like a good investment option. No matter how small, I ensure I buy a piece of jewellery. Earlier I would buy it for myself, now I buy something for my two-year-old daughter. It might seem silly to some people but in the long run the value of the jewellery I accumulate will only increase. The fact that it is keeping in mind the family tradition is just an added bonus,” she says.
According to popular belief buying something new and valuable on this day ensures continued prosperity. For Divya Nambiar though it also means a security investment. “I set aside a small sum every month so I can buy some gold or diamonds on Akshaya Tritiya. It could be anything from earrings to bracelets or even just a gold coin. At least I know that I have a small treasure of my own. Also the gold coins I bought over the last five years proved helpful when I was investing in property last year. When I needed a little extra cash I could fall back upon the gold that I had invested in,” she explains.
Rahul Nigam, brand manager at Meena Jewellers, who has been in the jewellery business since the early 1990s agrees that the trend has been changing over the years. “Earlier I’d see parents buying gold on such occasions for their daughters or daughters-in-law. However, these days the same youngsters who’d scoff at this habit of their parents are now investing in the precious metal. We get a lot of pre-orders from these people and they pick up the jewellery on Akshaya Tritiya day. Basically, young professionals these days are aware that the value of gold will never drop and it is a good security investment for them – much less riskier than investing in stocks,” he says, adding, “It is so easy to spot a young buyer because there is a sense of pride and confidence in them when they choose the piece of jewellery they’d like to buy. When they accompany their parents, it is usually the parents’ choice that comes to fore. But this is different.”
Incidentally, he says that it is young women who buy pieces of jewellery on Akshaya Tritiya. “Men prefer to invest in gold coins that thay can store in their lockers and use as and when required. Women on the other hand would rather buy jewellery because they want to enjoy it,” he smiles. Rahul adds that with the elections going on, this year’s sales haven’t been high so far. “With all the checking going on, there have been restrictions on the amount of cash people can carry.” Now with polling complete in and around Hyderabad, they hope to see more business.