Gold Sales See 14% Growth on Akshay Tritiya

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"In value terms, the growth has been impressive in spite of the price increase of 25%."

Gold demand grew 14% in value terms, but fell 8% in volumes on April 27, when Akshay Tritiya fell, from the previous year's occasion.

Data from World Gold Council, an organization founded by the world's major gold mining companies, pegged sales at Rs 7,280 crore, against Rs 6,359 crore in 2008.

However, offtake at 45 tons was lower than 48.9 tons in the year-ago period. The rise in value comes on the back of a 25% year-on-year jump in the yellow metal's price to 14,700 per 10 gm.

"Sales have been very positive for gold. In value terms, the growth has been impressive in spite of the price increase of 25%. Large and established players selling hallmarked jewelry have performed better than the market," said Ajay Mitra, director, WGC, Indian sub-continent.

Jewelers in association with WGC offered various promotions to mark the celebration, with stores witnessing an expansion of customer base.

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