And for a Friday …… still in Mumbai enjoying the festive spirit ……..amidst the Gold price explosion….. some thoughts …some musings …….
Every state in India has one very big festival & all states partake in all festivities in differing scope & scales……..…..these festivals are also shopping sprees …. the poor & rich all indulge to their own limits …..earn, save or borrow … but spend they will …..buy sweets … get new clothes … white Goods & what not …..Onam is big in Kerala … as Dussehera in Karnataka …… but Diwali is all India … & Ofcourse Mumbai sees the biggest shopping extravaganza of them all ……..Dhanteras on Saturday is the first day of the 5 days Diwali …..the festival of lights ….Dhanteras is specifically auspicious to buy metals in general & Gold in particular …. It’s believed gold purchased invokes blessings of Goddess Lakshmi’s Grace & signals prosperity for all members of the family …….but this year ….. purchase of Gold is a challenge …..
Gold prices has skyrocketed ….. …..returns on Gold as an investment has beaten all other investments classes hands down …… one gram 24 Karat Lakshmi Gold Coin is a whooping Rs 13,724 . …… prices have virtually doubled since last 3 years ……. Ofcourse many factors contributing ….including global geopolitical volatility ….. the dedollarisation threat ….& hence many Central Banks including RBI buying Gold as Reserves ……India is one of the Worlds largest importer & consumer of Gold ….. average 800 MTs are imported every year …. the second highest import bill of the country after Crude Oil ………. However it is estimated there is already more than 25,000 Tonnes of Gold …..lying idle with Indian households …….Tanishq – a Tata company is spearheading a campaign with other reputed Jewellers for Nation building ……by offering various incentives to bring part of the 25,000 tonnes Gold into circulation by exchanging old Gold at attractive market prices …. They use the latest techniques with Karatometers & Gold melting in customer presence to ensure 100% safety ……. & genuine customer value ……at the hundreds of Retail stores in every state of the country ….. they have employed gold artisans at each store …. a great service to Middle class Indians particularly families who have marriages coming up this season ……..Tanishq takes Gold from customers irrespective from where the original Gold was purchased from ……
Thanks to GST rationalisation consumer demand is in full swing ….. let us all enjoy the festive Diwali holidays ….. the fun way ….. the family/friends -together way ….. the SEEGOS way.