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India a key market for gold jewellery

by praveen
September 4th, 2007

India is an important market for gold, according to Philip Olden, Managing Director and Chif Marketing Officer, World Gold Council. Mr.Olden told reporters here on Monday that global demand for gold jewellery touched a record $14.5 in the second quarter of 2007, a rise of 37 percent from the corresponding quarter last year. He said the demand for gold in the retail investment and industrial. India was the world’s largest gold market in tonnage terms, while the U.S offered greater value addition, he said.
Greater China, West Asia and Turkey were the other key markets. India’s demand stood at 317 tonnes in the second quarter of this year. South India accounted for nearly 40 percent of the gold demand, Mr. Olden said adding that India consumers had a ‘cultural and social affinity’ to gold. “The market is broadening; it is no longer merely wedding-driven,” he said. Sayong that market trends in the country included ‘pre-purchasing and storing of gold jewellery,’ he pointed out that the Indian market now was seeing a lot of ‘Italy-inspired’ designs. While ther has been a significant. South Africa, the U.S, Australia were among the leading producers, he said.

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