Friday, 13th May 2005 (4579 views)

Gold industry experts are estimating that about ten tonnes of gold were sold in Chennai, India alone in the six days preceding this year's Akshaya Tritiya festival.

The Hindu festival, which commemorates several important events in Hindu scripture and celebrates gold as a reward for good deeds, took place on Wednesday, boosting business for jewellers across India.

Sayed Ahamed, president of the Madras Jewellers and Diamond Merchants' Association, said that shops across Chennai saw a huge rush to buy traditional gold sovereigns and chains.

"We would have sold an estimated 30 to 35 tonnes of gold throughout the state during the Akshaya Tritiya celebrations. In Chennai alone, it could be ten tonnes of gold this time," Mr Ahamed told the New India Press.

The vice president of the World Gold Council in Chennai, K. Siavaraman, said that sales of gold at Akshaya Tritiya were expected to double this year across India.

"The retail gold market is highly unorganised and it would be difficult to come out with an exact sales statistic this time. But we are sure that this year the sales would have gone up by at least 100 per cent," Mr Siavaraman said.

The gold expert added that this year's collections for Akshaya Tritiya included a range of new and innovative designs.

 

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