The stunning fall in gold prices couldn’t come at a better time for Indian consumers. It’s wedding season in India, the world’s biggest buyer of gold, and this is a traditional time for people to give gold to brides or to wedding guests. Moreover, next month is the Akshaya Tritiya festival, a time for Hindus to buy gold and other precious metals.
“The decline will be positive for jewelry as there will be a pick-up in demand because affordability will increase,” Mehul Choksi, chief executive officer of Gitanjali, India’s biggest jewelry and diamond retailer, told Bloomberg News.
Source: Businessweek. Read full article. (link)