Tuesday, 11th January 2005 (4656 views)

Spriralling global gold prices are having a significant impact on jewellery sales in Pakistan, the Financial Times reports.

South Asia it is tradition for families to buy their offspring large quantities of jewellery when they get married, but soaring costs are forcing many families to rethink.

Pakistan's gold consumption is believed to be 50-60 tonnes a year. But whilst there has been strong evidence of a strengthening economy, this has failed to trickle down to the country's jewellery stores.

Meanwhile high prices around the world in the past few months have made it more difficult for Pakistanis to buy.

Saleem Awan, a jewellery store owner in Karachi, said: "People want to save wherever possible. They ask for light jewellery which is still visible but cheap, rather than heavy jewellery.

"Gold prices are definitely forcing a change of tradition in Pakistan, but the problem is that people don't want to part with tradition.

"They still want visible jewellery."

 

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