Business Daily from THE HINDU group of publications
Saturday, Oct 25, 2008
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Business Daily from THE HINDU group of publications Saturday, Oct 25, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Agri-Biz & Commodities
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Gold & Silver Web Extras - Financial Markets Gold sales glitter amid global crisis Suresh P. Iyengar Mumbai, Oct 24 The economic slowdown and global meltdown seem to have a little impact when it comes to Indian consumers’ craze for gold. With gold prices falling every other day, all roads are leading to the nearest jewellery shop for many a consumer. Gold sales between October 1 and 20, jumped 66 per cent to 50 tonnes, compared to the same period last year, according to the All India Gems & Jewellery Trade Federation (GJF) data. With Dhanteras around the corner, sales are expected to hit a new high. Mr Darmesh Sodah, Director, World Gold Council, said jewellery sales of 50 tonnes in 20 days were all the more significant as sales during the entire fourth quarter of 2007 were 81 tonnes. Gold prices could have been much lower if not for the rupee depreciation against dollar. PRICES & DEMANDThough, traditionally, the annual gold demand in India has been pegged at about 850 tonnes, it slid to 727 tonnes in 2007 due to a sharp rise in prices. Mr Ashok Minawala, Chairman, All India Gems & Jewellery Trade Federation, said: “When it comes to investment, gold has a special place across all consumer segments. We expect a buoyant Dhantera this year.” Interestingly, jewellery sales in major metros such as Mumbai, Ahmedabad and Kolkata have taken a beating due to the financial crisis. “Sales are very good in urban and semi-urban regions. There is a marked slowdown in major metros,” said a Mumbai-based jeweller. Since October, gold prices in the domestic market dropped by Rs 1880 to Rs 11,530 per 10 gm on Friday. Mr Ajay Mitra, Managing Director, World Gold Council, Indian Subcontinent, said given consumer appetite for gold, he was confident that the current trend would continue for the rest of the year. Mr Dinesh Jain, Chairman, Promotion & Development, All India Gems & Jewellery Trade Federation said, the best time to invest in gold is now as it has touched $699 per troy ounce, the lowest level in the last 18 months. He said it would see an increase in its value and price very soon. More Stories on : Gold & Silver | Financial Markets
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