Monday, 8th November 2004 (3946 views)

Indian jewellery firm Tanishq has announced an increase in sales, thought to be due to the festive season.

A number of jewellery firms in India have all reported positive results with the start of the festive season, but Tanishq has experienced an almost 50 per cent rise in sales compared to last year.

Mr Govindraj, general manager, Tanishq, told NT Business: "The festive buying among Indian consumers along with the impact of increasing oil prices, and a weakening dollar is likely to ensure that gold prices remain firm.

"Analysts too believe that it will remain firm if not go up in the near future. This explains why our Dussehera and pre-festive jewellery sales seem to be so high."

According to the World Gold Council in India, the festival season has begun well for gold jewellery and sales are approximately 20 to 30 per cent up on the same period last year.

The council's managing director, Sanjeev Agarwal, claims that gold and jewellery are still the "favourite purchases for this Diwali season".

 

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