Sales of Gold Jewellery in India Soars
Sales of Gold Jewellery in India Soars
by Randy Chen
Both gold jewellery and retail investment are reported to have increased 49 and 32 percent in tonnage in India last year.
Feb 25, 2005 (AXcess News) Mombai - Both gold jewellery and retail investment are reported to have increased 49 and 32 percent in tonnage in India last year, according to a report issued by the World Gold Council.
Thanks to India's booming economy, the total consumer demand for gold spiked 17 percent in 2004. While gold jewellery climbed 18 percent and retail investment rose 16 percent, the WGC said.
Consumers were right to buy gold jewellery last year, having seen a rise in its street value of 63 percent between October and December 2004.
WGC Managing Director Sanjeev Agarwal was quoted as saying, "Last calender year was the year of gold demand with the total consumer demand increasing seven per cent globally and 17 per cent in India in tonnage terms."
With India's economy showing strong growth, consumers are most likely going to continue investing in gold jewellery, bullion and retail goods.
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Gold is permitted to be owned by Indian citizens and many find it a strong hedge on inflation and wavering foreign currencies, like the US dollar.
The World Gold Council also predicts a strong year in 2005 for gold sales in India, citing energy and fluctuating dollar rates as the drivers behind retail investments.