SHAKING off the shadows of last year’s recession, Akshaya Tritiya believers are banking on gold and other precious items to bring them more than just a little luck this year.

Singaporean homemaker A. Rajendran has plans to put some serious dents in her jewellery budget on May 16, when Akshaya Tritiya is celebrated here.

Like most Hindus, especially those who hail from south India, she believes that Akshaya Tritiya – it means never diminishing in Sanskrit – is the most auspicious day to invest in gold and precious gems like diamonds.

She said: “My family and I will buy at least one piece of jewellery every year on Akshaya Tritiya. While it is part of our tradition, I believe it does bring us good luck as well.”

Adding to that belief is the divine touch on the day. The jewellery is blessed by priests soon after the purchase and presented to deities – usually Ganesha and the goddess of wealth, Lakshmi.

Jewellery stores in Little India set up makeshift altars, with priests in attendance, so that their clients can get their purchases blessed instantly and avoid an extra trip to the temple.

Retired civil servant Vijaya Maniam is a firm believer in this custom. “It may be psychological but I just feel that getting the new jewellery blessed makes it all the more auspicious,” she said.

Sri Veeramakaliamman temple committee member Selva Kumar told tabla! that besides buying gold, believers also buy stocks, property, start new business ventures, move into new homes or even get married on Akshaya Tritiya... all to enhance the success of the act. Which is why, he pointed out, Bollywood star couple Abhishek Bachchan and Aishwarya Rai got married during Akshaya Tritiya in 2007.

He added that it is also a good day to perform acts of charity like providing free meals to the poor or making a generous donation.

“The whole day is considered auspicious. For the last 10 years, we have had a devotee at the temple who will hold a homam for the goddess Lakshmi which starts at 5.30am.

Towards the later part of the day, the temples will be crowded with devotees who want their jewellery or gold coins blessed. Even if you buy a small piece of gold, it is still considered valuable,” he said.

Adding to the religious aspect is the fact that many people, especially Indian women, consider gold an easy, much
more liquid investment.

K.G. Jewellers director V. Puspalata said: “Gold is an investment which you not only can use, but it is easier to turn it into cash if you need it quickly, unlike property.”

As for the luck element – whether buying gold on this day actually brings the buyer luck, success and fortune – that really depends on the individual’s belief.

Businessman Senthil Kumar will be buying a gold coin on May 16 just for the sake of tradition and possibly a little superstition. “I don’t really wear gold jewellery but it can’t hurt buying something valuable on the day where it is said to be a lucky day,” he said.

Minora Jewellers’ director Anifa Omardin told tabla! that he has noticed more people buying gold on Akshaya Tritiya: “I found that over the years the customers have developed this strong belief that buying gold jewellery or gold coins on Akshaya Tritiya will bring them luck, especially people who are getting married later in the year, they buy their wedding jewellery on this day.”

That trend is why jewellery stores in Singapore have jumped on the Akshaya Tritiya marketing wagon in the last 10 years.

Despite people still being cautious following the recession last year and the rising gold prices, jewellery stores especially in Little India are pulling out the stops to entice customers to spend with various discounts and deals.

As a result, jewellery stores have told tabla! that they are seeing a number of pre-orders from their clients.

Firma Jewellery director S.J. Parekh told tabla! that it has already received a sizeable amount of pre-orders from its customers. He estimates that the response is better than last year’s, with more customers looking to buy diamonds.

“While gold will always be the Indian favourite, diamonds are becoming popular as our clients are becoming aware that it can retain its value just like gold,” he said.

Customers here are also opting for more modern designs when it comes to jewellery. Ms Puspalata says younger customers prefer designs which combine white and yellow gold while her older customers prefer more stone and gem work.

Mr Parekh added: “I think the older generation seems keen on designs that their daughters and daughters-in-law are wearing, which have a contemporary twist.”

Ho Bee Goldsmith and Jewellery’s business manager Jessica Chia says the younger Indian customers prefer something that is unique, “light” and makes a statement while older Indian clients still prefer the “heavier jhumkas (earrings)”.

Poh Heng Jewellery’s director Chng Hwee Siang said she has noticed the increasing popularity of gold over the years: “Besides gold becoming more fashionable among trendsetters, as they set themselves apart from a sea of white gold, we have also seen a dramatic increase in the popularity of coloured gems.

Consumers’ attitudes towards coloured gems have evolved too, from just viewing them as luxury items to fashion accessories for casual wear.”

Boutique jeweller Gold and Silver Jewellery, which makes custom pieces, is also seeing its Indian clients opting for jewellery that is easy to wear and yet makes a statement.

Its marketing executive Sara Ooi said: “Most of them want designs that are classic and clean, which they can wear to work every day.”

Well, whether for tradition, superstition or just fashion, it looks like it’s time to shop for gold and jewellery. Good luck!