Pursuits
Gold Rout Heralds ‘Hot’ Indian Wedding Jewelry Season
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The biggest slump in gold prices in three decades is poised to revive jewelry demand among Indian housewives and brides before the wedding and festival seasons, according to Gitanjali Gems Ltd. and Rajesh Exports Ltd.
Bullion tumbled 9.1 percent yesterday, the biggest loss since 1983, and that may make the precious metal more affordable to Indians, said Mehul Choksi, chief executive officer of Gitanjali, the nation’s biggest retailer of jewelry and diamonds by sales. The plunge has already revived interest among retail buyers, said Rajesh Mehta, chairman of Rajesh Exports Ltd.