Gold Sales up 150% in India

Source:

". . .school grounds being hired by outlets wishing to provide parking facilities for the increased number of shoppers."

Gold sales were strong in the Indian city of Chennai during Akshaya Tritiya yesterday (April 28th).

According to the Times of India, purchases of trinkets and coins, as well as exchange-traded funds, have been high, despite the global recession.

"In this last one week, we have seen a 150% increase in the sales [of gold]," managing director of Khazana Jewellery Kishore Jain told the news source, adding that while it is mainly Hindus that purchase the precious metal, there has also been interest from other faiths.

Many stores in the city were open until 23:00 local time in order to cope with demand, the news source noted, with school grounds being hired by outlets wishing to provide parking facilities for the increased number of shoppers.

Tomy Joseph, general manager of JoyAlukkas, recently told Emirates Business that the firm saw a substantial increase in sales leading up to the event.

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