High Gold Prices Dampen India’s Festive Season

Surging gold prices are set to dampen the festive season for the worlds biggest consumer market, India.

For centuries gold has held a timeless allure for Indian women, who like to showcase their best jewels on social occasions like weddings and festivals.

Giving gold is an integral part of an Indian weddings, where parents of the bride give their daughter gold jewels as gifts.

One shopper says the price of gold is not giving shoppers many options.

[Indu Goel, Shopper]: 
„The price of gold is very high, making it really difficult to buy. We cannot buy as much as we want to buy, but if one really needs to buy then there is no choice, no matter what the price.”

A New Delhi-based jeweler, says he anticipates a 15 percent drop in sales because of the current prices.

[Padam Chand Garg, Jeweler]: 
„After two days the festive season will begin, the wedding season is also about to start. This year we are anticipating some dip in demand during the festive season because of the high price of gold.“

Indian jewelers have their fingers crossed for the prices to drop as soon as possible.

(NTDTV)