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Indian jewelers are banking on what’s considered one of the most auspicious days for gold buying to spur demand in the world’s biggest bullion consumer. Sales on Akshaya Tritiya, viewed by the country’s more than 900 million Hindus as a traditional day to buy precious metals, may increase as much as 20 percent from 2014, Manish Jain, chairman of the All India Gems & Jewellery Trade Federation, said.

“A positive mood exists among the retail sector as Akshaya Tritiya is considered the most auspicious time of the year for purchase of gold,” Jain said. “Gold continues to be a dependable hedge against inflation and is still a valuable purchase” for Indians, he said.

Titan Co., the nation’s largest gold jewelry retailer, is among companies offering free gold coins to buyers for purchase of a minimum amount to boost sales, while Joy Alukkas Jewellery is promising to waive off the manufacturing fees on some ornaments.

Consumption of gold in the country, which imports almost all the bullion it needs, will rise to between 900 tons and 1,000 tons this year, the World Gold Council estimates.

“Buying behavior is returning to normalcy following a reduction of the import curbs,” P.R. Somasundaram, managing director of the World Gold Council in India said. “Gold is therefore set to start shining more brightly this Akshaya Tritiya.”

By Premji