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April 20, 2007 12:04 IST
For a change, this Akshya Tritiya on April 20, an auspicious occasion for Hindus to buy gold, women are not rushing to buy gold jewellery. Instead, they are eyeing platinum, diamonds and rubies.
Akshya Tritiya is a divine occasion to buy jewellery and real estate or start a new venture as the popular belief is that anything initiated or bought on this day brings prosperity.
One thing which is common on Akshya Tritiya is packed jewellery shops especially those selling gold, which make a killing with overall sales figures running into crores.
However, this time, the more and more people prefer to go in for stones. According to a report released by London-based precious metal consultancy GFMS, India saw a 90 tonne drop in demand for gold jewellery in 2006.
The fall in gold demand was not limited just to India. The report states that world jewellery fabrication demand fell 16 per cent to a 15 year low of 2,280 tonne in 2006.
GFMS report adds that the demand for gold jewellery worldwide in 2007 is expected to decline further with India being no exception.
Fall in demand for gold jewellery is due to fluctuating gold prices. Added to this is the increased attraction especially among the youngsters for stones.
Globally, gold demand was affected due to a shift toward lower gold weights and more gem-set ornaments. This led to the fall in jewellery segment, said a trader.
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