Biman Mukherji, New Delhi: Working Indian women are driving sales of lighter, more adaptable gold jewellery over the clunky necklaces and earrings their mothers would keep in a bank vault and only dust off for weddings and birthday parties.
Many want jewellery that fits with increasingly professional lifestyles, things they can wear in the office as well as to the temple, a leading retailer told Reuters in a telephone interview.
"These women look up to the western world and they have that kind of money," said Shrikant Zaveri, chairman of Tribhovandas Bhimji Zaveri, one of India's most respected gold jewellery houses, which first opened its doors in 1864.
"The trend has definitely shifted to everyday wear jewellery," he said. "Today, women don't want to buy jewellery to keep in the safe.
They want to wear it."Zaveri said even in wedding purchases there had been a pronounced shift in preferences."If they want to buy a bridal set, they buy three to four of smaller and trendier sets at one go," he said.
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Demand for jewellery made out of metals like platinum was growing, but not at the cost of gold sales, he said.Nearly a fifth of global gold output makes its way to India, which gobbles up 800 tonnes a year, mostly inthe form of jewellery.
Traditionally, Indians have bought gold for weddings or to be worn during religious festivals or as an investment.
India's gold jewellery sales are likely to remain firm up to March due to purchases during the country's main marriage and festival seasons.
They had dipped in April when prices surged to an 11-month high of $696.30 an ounce, Zaveri said."There was a drop in demand when the gold prices had really shot up, but it has picked up since then," he added.
Gold prices are hovering near five-week highs, with spot gold at about $666.40/$666.90 an ounce in New York on Thursday.
"If prices stabilise, I am seeing a growth over last year," Zaveri said, adding sales could surge an annual 20 percent.India's jewellery consumption rose 47.8 percent to 147 tonnes in the first quarter of 2007, the World Gold Council said."I don't think the prices would rise.
Due to a weak dollar and strong rupee, prices would remain in the same range," Zaveri said. "There will be no let up in jewellery sales."The Indian rupee has gained more than 9 percent against the dollar since the start of the year, and touched a nine-year high of 40.28 rupees per dollar in late May.
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