Jewelers feast on India's great appetite for gold
By agencies   |   Wednesday, 17 August 2005, 19:30 IST
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BANGALORE: Indians are the largest per capita buyers of gold jewelry in the world, consuming over 800 tons a year, home or away. In America or Dubai or Singapore, its the 'desi' crowd that does big-ticket gold purchases. The yellow metal holds so much fascination for the people of the sub-continent that they account for its largest purchase from the duty-free Dubai Airport each year. Dubai's famous Gold Souk, which is full of stores owned by Indians, more often with the parent entity in India, has a similar story to tell. This, even though the price advantage of buying in the Gulf compared to India has reduced considerably over the years. So it’s not surprising that established as well as lesser-known brands from India, especially from Delhi, Jaipur, Mumbai and even Bangalore, are doing gold/diamond jewelry trade shows in the U.S. Indian communities are increasingly patronize these events with impressive results for the organizers. Customers often tend to do bulk buying and return to the show next season only if they are satisfied with the products. Typically, an exhibition hall, hotel or even a large house in some cases, is the sale venue of Indian gold brands for 2-4 days. Jewelers from Jaipur tend to offer more of precious stone and exotic jewelry while some players from the south hock local designs to a specified regional market in the U.S. and sometimes even the UK. There are also other players whose branded jewelry is exhibited in 100-odd shows every year in Europe, North America and Asia, and have a transnational audience.

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