Wednesday, 23rd April 2008 (314 views)

As India's biggest gold buying festival approaches, retailers of the precious metal are reportedly gearing up for a busy period.

Falling on May 7th, Akshaya Tritiya is associated in south India with the belief that the purchase of precious metals brings with it prosperity, notes Reuters.

According to the publication, consumer appetite for gold is traditionally high in the weeks around the occasion.

Sanjeev Mohan, partner at the Prathibha Jewellery in Bangalore, told the news provider that last year brought some 3,000

"This year it might be 3,000 to 5,000," he said.

Mr Mohan is expecting gold sales to rise by 20 per cent this year in terms of volume, the report reveals.

Akshaya Tritiya is celebrated by residents of India irrespective of their religion and is also associated with the birth of Parashurama, the Hindu sage.

Meanwhile, the start of the Asian wedding season next month is being anticipated by gold retailers across the UK, the Mail on Sunday states.

 

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