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Tuesday, 3rd October 2006 (5611 views)

Gold jewellers expect India's Diwali and marriage season to account for a 20 to 25 per cent growth in sales over the next few months.

Shantibhai Shah, the president of the Gems and Jewellery Trade Council of India (GJTCI), said that the season perennially resulted in gold jewellery sales increasing substantially and that this year would be no different.

"Sale of gold and diamond jewellery is expected to grow…this festive season," he said. "Gold prices are coming down from record levels and marriage season beginning right after Diwali augurs well for the gold and diamond jewellery demand."

However Mr Shah did caution that if there was a resurgence in the gold price during the season then it could have an impact on the levels of demand, meaning the industry could fall short of the targets the GJTCI expects.

Recent short-term falls in the gold price, which has seen the precious metal dip below $600 an ounce several times, had sparked busier gold trade even before the high season began, Mr Shah added, which has bolstered predictions for the coming months.

 

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