Indian jewelers are surprisingly upbeat this year, as gold sales have seen an increase of 125% during the festive season of Diwali, compared to last year at this time.
According to LiveMint.com, Mumbai Jewelers are looking forward to positive sales during the actual Diwali week.
According to the Chairman of The All India Gems and Jewellery Trade Federation, Ashok Minawala, international gold bullion lost 17% in October - “its biggest decline since February 1983”. He went on to add “gold has offered double digit returns in the current decade when all other asset classes are turning into the red”.
There was an initial 47% decline in gold business in the first 6 months of the year, but with the recent surge, deficits have already been compensated. It is estimated that 60 tons of gold have been sold in the last 25 days.
The physical shortage of gold bullion has happened worldwide, as financial institutions are forced to sell the physical gold in order to back the paper they hold.
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