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Monday, 27th October 2008 (4364 views)

Indian jewellers are reporting that gold sales have increased on 2007 figures during this year's festival season.

According to the All India Gems and Jewellery Trade Federation (GIF), jewellers sold over 50 tonnes of gold in just 20 days.

Gold sales surge in Indian during the period leading up to the Hindu festivals of Dhanteras and Diwali and statistics indicate that 2008 has been a boom year for jewellers.

The GIF believes that the trend for high gold sales will continue until the end of this year, with sales potentially up 50 per cent on the previous year during November and December 2008 and a buoyant Dhanteras forecast.

Based on a survey of 1,400 Indian retailers, the figures suggest that demand for gold in the country remains strong, with 50 tonnes of gold sold between October 1st and 20th this year, compared with 80 tonnes sold for the whole of the October to December quarter of 2007.

Diwali is followed immediately by the traditional Indian wedding season during which demand for gold also increases.

 

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