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WGC releases report on sale of gold during Akshaya Tritiya
Indicates hallmarked jewellery sales rising by 25 percent
By: Diamond World News Service
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May 17 2008 8:42AM
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Reference: 2622  

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The World Gold Council reports satisfactory results of gold sales on Akshaya Tritiya on a pan Indian level. Although the steep gold prices did deter the purchase over last year, demand for gold in India kept the gold markets alive. The markets had to bear a price increase of 33 percent this year over 2007, during Akshaya Tritiya. Despite this, the demand in 2008, as noted by the WGC increased by 19 percent in value, with 48.99 tonnes for 2008.

Mr. Ajay Mitra, Managing Director, World Gold Council, Indian Subcontinent said, “Large and established players selling hallmarked gold jewellery have shown an upward growth in excess of 25 percent while there has been a slight decline in volume terms for small family run jewellers. In value terms the growth has been quite impressive in spite of an absolute price increase of 33% over previous year same period.”

The Gold prices were at Rs. 12,000 per 10 gm over 55 tonnes in 2007 at Rs. 9000 per 10 gms compared to that in the corresponding period last year.

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