Wednesday, 18th October 2006 (5648 views)

Gold biscuits and coins have replaced jewellery as the gift of choice during the Diwali festival in India, say industry experts.

Monal Thakkar of bullion firm Amprali Industries has stated that a surge of demand is affecting the bullion market with 1,000 kg of gold being purchased a day in Gujarat, a 100 per cent increase on the past few months.

Allied to this, jewellery store owner Prakash Shah from Athwalines, Surat, has asserted his belief that the decrease in gold prices recently is attracting many customers to his store and it is gold coins and biscuits that are proving the most popular with customers.

Mr Shah told the Times of India: "My jewellery counters are empty but my coins and biscuit counters are crowded."

This scenario was affirmed by bullion merchant Girish Choksi, who, according to the Times of India, stated: "People used to buy jewellery for Diwali but this time they are buying only gold coins, biscuits and bars."

Diwali, also known as the festival of light, has long seen an increase in the demand for gold as it is traditionally given as a gift during the festival season.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.