Gold demand will remain stable during Diwali: Kolkata jeweller

October 16th, 2008 - 6:55 pm ICT by IANS  

Kolkata, Oct 16 (IANS) Gold demand will remain stable in the Diwali season despite the recent fluctuations in the price of the yellow metal, a leading jeweller said here Thursday.”The present price fluctuation is a passing phase. At times customers are in two minds regarding the price but this will not affect the demand for gold in the India market during the Diwali and the marriage season,” Prosanto Chandra, deputy managing director of jewellers P.C. Chandra and Sons, told reporters at a press meet.

Saying Indians always considered gold a valuable investment option, Chandra said people were becoming increasingly more inclined towards gold given the prevailing financial crisis globally.

“Though in the last four to five months gold price was affected due to fluctuations, the future of gold market is very bright,” he predicted.

P.C. Chandra Jewellers, the flagship company of the P.C. Chandra Group, is the largest jewellery chain in eastern India and a government-recognised export house, with clients in countries such as the US, Britain, Turkey, Dubai and Singapore.

Chandra said the company was not eyeing new overseas markets following the fall in demand in the US in the wake of the meltdown.

“We are concentrating on the existing markets, and have no plans to reach out to other markets. It’s true the demand for gold has fallen in the US, but that demand is being compensated by rising demand for gold from other countries where we export.”

Alongside, the company will also focus on strengthening retail outlets in the domestic market, he said.

“At present, we have 13 outlets in India. We are going to add another six showrooms in the next one year and will start our first showrooms in Delhi and Mumbai,” Chandra added.

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