Tuesday, 6th May 2008 (619 views)

Jewellery houses in many parts of Asia are reporting a spike in gold sales ahead of the upcoming Hindu festival Akshaya Tritiya, according to reports.

According to commodityonline.com, jewellery stores in countries that celebrate the festival are "decked up" with gold ahead of the celebration, which is traditionally seen as a good time to buy the precious metal.

India - the world's biggest consumer of gold - normally sees the highest jewellery sales during this period, the site adds.

This year appears to be no exception, with John Kurian, a manager with the retail chain Joyalukkas Jewellery reporting "brisk sales" ahead of the festival itself, which is celebrated on May 7th and May 8th.

Such is the significance of the Akshaya Tritiya period for jewellery houses that many run special promotions such as giving away free gold coins with purchases over a certain amount co capitalise on the market.

Besides India, Akshaya Tritiya is also celebrated in countries such as Nepal, Sri Lanka, Fiji, South Africa and Singapore.

 

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