Wednesday, 19th January 2005 (4639 views)

Bridal jewellery is helping to push gold sales up in India as the market enjoys a boost from the current 'wedding season'.

Domestic jewellery retailers such as Diastar Jewellery say that they have seen a noticeable upturn in the bridal jewellery sector this year.

Indeed, the Mumbai outfit's representative PK. Jain said that a massive 14,000 weddings were held in the first day of the season alone.

Demand in the gold jewellery sector has risen by five per cent in comparison to the previous year, with many of the country's wealthier inhabitants now opting for the exclusivity of diamonds and precious metals such as platinum.

"Higher gold prices are leading people to believe more in gold as an investment," Ummed Singh, general manager of marketing at Jaipur-based Dwarka's Jewellers told Reuters.

"For the last two or three years people have watched the trend in gold prices and have more faith in it," he added.

Jewellery is given to newlyweds as a means for ensuring financial security, with gold the standard choice.

However, as the value of platinum has risen, some parents have been keen to offer their children the more expensive pieces.

 

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