Akshaya Tritiya 2018: Offers raining on gold, diamond; all you need to know

It's raining sales on gold and diamond. Here is a list of portals offering tempting discounts to mark Akshaya Tritiya 2018

1. 

 

Today is Akshaya Tritiya 2018, a day believed to bring good luck and success. It is believed that Akshaya Tritiya is good to initiate new beginnings and brings good fortune and luck. Most people start new businesses, buy land or jewellery, and invest in something on this day. All leading online portals – Flipkart, Amazon, Snapdeal, etc – are enticing consumers with some heavy discounts on gold, platinum and diamond jewellery and giving an opportunity for shopaholics to shop to their heart's content. Moreover, leading jewellers have lined up attractive offers for buyers.

In order to cash in on Akshaya Tritiya, leading jewellers have lined up attractive offers. Tanishq, for example, is offering up to 25 per cent off on making charges of gold and value of diamond jewellery, while Malabar Gold & Diamonds is offering gold coins and gift cards. PC Jeweller claims to be offering the lowest prices on gold coins this Akshaya Tritiya.

Banks like HDFC are offering up to 5 per cent cashback on jewellery purchase. However, while you are excited to grab your diamonds and gold, the government, has in a tweet advised customers to purchase only BIS-Hallmarked Jewellery, which is available in 14, 18 and 22 carats.

It's raining sales on gold and diamond. Business Standard lists portals offering tempting discount to mark Akshaya Tritiya 2018:

1. Akshaya Tritiya 2018 offers from Tanishq: Starting today, the Bengaluru-based jewellery brand will offer up to 25% off on making charges of gold and diamond jewellery. Tanishq tweeted,"Celebrate this Akshaya Tritiya with us, and avail of up to 25% off on making charges of gold jewellery and diamond jewellery value!"

The company is also offering a wide range of designs under its Mangalam jewellery collection starting from Rs 10,000. Customers can opt to upgrade their old jewellery by exchanging and getting 100% value on them.

2. Akshaya Tritiya 2018 offers from Malabar Gold and Diamonds: The company has online 'AKSHAYA TRITIYA' offers, under which customers can get free gold coin on every purchase of jewellery worth Rs 15,000. If the order value is Rs 30,000, or more, you get two gold coins. The company also is offering 5 per cent value of jewellery purchased as e-gift card against a minimum shopping of Rs 15,000. This e-gift card can be redeemed online at the time of next purchase.

This offer is valid until April 25, 2018 on a single transaction done at www.malabargoldanddiamonds.com website only and not at any of retail showroom.

3. Akshaya Tritiya 2018 offers from Orra Jewellers: To celebrate Akshaya Tritiya, the company is offering 0 per cent making charges on gold bars and coins. The offer is valid till April 18. The company is providing a discount of 27 per cent on diamond jewellery. Besides, there is also a 50 per cent off on making charges of golden jewellery also available for customers.

4. Akshaya Tritiya 2018 offers from PC Chandra Jewellers: Anyone purchasing jewellery from here till April 22 will get gold coins. The offer is, however, not valid in Agartala.

5. Akshaya Tritiya 2018 offers from Om Jewellers: The company is offering a discount up to 51per cent on making of charges of jewellery of gold, platinum and uncut diamond. On IGI certified jewellery, the company is asking its customers 0% making charge.

6. Offers on Amazon: Brands like Senco Gold, Joyalukkas, Malabar Gold & Diamonds and TBZ-The Original are offering up to 50 per cent discount on jewellery.

7. Shopclues discount on Akshaya Tritiya 2018: Shopclues is offering up to 80% discount on diamond, gold and silver jewellery.

8. SBI Gold Deposit Scheme: State Bank of India offers a revamped gold deposit scheme (R-GDS). Customers can deposit their idle gold under R- GDS which will provide them safety, interest earnings and a lot more, says SBI on its website, sbi.co.in. The gold deposit will be accepted by SBI, the largest lender of the country, on behalf of the central government. On Akshaya Tritiya, which is considered an auspicious day for buying gold, you may consider investing in SBI's revamped gold deposit scheme.

9. Offers from Snapdeal this Akshaya Tritiya: Snapdeal will let you bag earrings, bangles, bracelets and more at wallet friendly prices, starting from Rs 199 only on Akshaya Tritiya.

10. Allahabad Bank wants you to invest in gold bonds this Akshaya Tritiya: Here's what Allahabad Bank has to offer on Akshaya Tritiya 2018:

Dhanteras 2017: Offers on gold are pouring in. Here's your guide

Are you planning to buy gold this Dhanteras? It is that time of the year when people flock to buy gold

 

economy news: It is that time of the year when people flock to buy gold. Dhanteras, an amalgamation of Sanskrit words dhan, that stands for wealth, and teras that refers to the 13th day of the Hindu calendar, is marked by praying to goddess Lakshmi and the purchase of gold objects.

To cater to the ritual of shopping on Dhanteras , various online websites have come up with attractive offers on gold, silver and other metals for the Diwali Sale season. From the option of buying gold for Re 1 to getting massive discounts on branded jewellery, the online shopping world is full of best deals for Dhanteras celebrations.

This year's Dhanteras comes after the government changed a key rule governing gold buying. As part of the push to revive consumer sentiment in the economy, the government recently allowed people to buy Rs 2 lakh worth of gold without quoting the permanent account number.

1. Buy Gold For Re 1: Paytm Gold: Under its 'Diwali Gold Sale', Paytm enables 3% additional gold on a minimum purchase of Rs 10,000 in this festive season. You have to use the promo code GOLDFEST to avail the offer. In order to sell gold, Paytm has partnered with MMTC-PAMP, for 24 karat gold. Alternatively, you can buy gold from it at for as little as Re 1.

2. Amazon Gold coins: If you aim to buy a gold coin, you must check out the offer from biggest e-tailer-Amazon. The e-tailer is offering its customers up to 10% discount on gold coins. You can choose from a range of leading brands like Joyalukkas......READ MORE

GST on gold: Buying and making jewellery to get expensive for customers

It can be said that those who are not computerised and internet savvy have to be out of business

The Goods and Service Tax (GST) Council has been kind enough to provide a special 3 per cent GST to gems and jewellery sector ( the exception being rough diamonds at 0.25 per cent).

Going by the economic survey of India and the hype which was created in the run-up to this meeting, a much higher rate was feared. However, the rate of GST for jewellery is in line with what it was under the old tax regime.|economy news

GST has increased paperwork and lot of compliance. Only time will tell if we as a country or an industry are ready for it.

The immediate impact would be on the investment buying of gold by consumers as the resale value will be down by three per cent. Here' an example:

Mr A bought gold worth Rs 100
Paid GST                                Rs 3
                                         —————
Total cost                            Rs 103

Now, after 6 months he wants to sell this gold and presuming that the gold price remains constant, he will get Rs 100 and the GST amount would be lost at the consumer level.

The transaction impact cost has increased from about one per cent to three per cent.

From the government's point of view, this is in line with their thinking/ planning — don’t invest in physical gold, rather invest in gold sovereign bonds. The consumer will also be better of as there is an interest coupon attached to bonds and it tracks local gold prices.

The exchange business of old jewellery for new ones will also be affected as the cost of 3 per cent will affect the transaction.| economy & policy

Another area which will affect the industry and the consumer is making of gold jewellery out of gold/scrap supplied by the customer. At present, there was no tax impact on the making of jewellery. Labour or making charges of jewellery were exempt from service tax (similar exemption was also under excise rules ). Under GST no such exemptions exist and making charges will be subject to 18 per cent GST. This is an undesired result.

Export from domestic tariff area (other than SEZ ) will be hit on two counts:

One, there is no exemption from GST for gold procured for export purposes. This would mean a higher blockage of working capital.