Corporate jewelery outlets all over India are gearing up for making a kill on May 6, 2011, the third day of Vaisakha, also known as Akshaya Tritiya, which is considered an auspicious day for Hindus who are made to believe that purchasing gold ornaments would bring luck to them.
It may be stated that India is the biggest market in the world for gold and officially imports about 1000 tonnes of gold every year. Whatever amount of gold lands in the market, it just vanishes in a few hours.
Hindu belief, according to Bhavishyottara Puranam, is fasting on this day and offering rice to Lord Vishnu would cure one of all the sins one has committed till that day.
The Akshara Tritiya is also the birth day of Parasurama, one of the incarnations of Lord Vishnu.
However, there is also a belief that anything purchased on this day keeps adding up and what is sold keeps selling on. Though the belief encompasses all things, the corporate jewelery outlets started massive propaganda in recent years that buying gold is a must on this day. Generally, Indian women are inclined to buy gold at any cost. Now they do not mind to take loans at high rate of interest to purchase gold on this 'auspicious' day because of the propaganda blitzkrieg.
The business houses estimate that business turnover would be up by 40 per cent this year on this day alone. They are leaving no stone unturned to sell more gold on this day in spite of the massive hike in gold price world wide. These business house are offering massive 'discounts' and advance bookings on the current price in a bid to attract more customers.
It is nothing but a superstition, my dear fellow Indians! Do not fall for the propaganda by these corporate business houses. In the eagerness to buy gold, do not fall for low quality gold. Make sure it is 24 carat, in case should you purchase. Check for the credentials of the selling houses.