WGC says 56 tons of gold sold in Diwali

The World Gold Council (WGC) announced a 5.7% growth in gold sales with a total of 56 tons volume sales for the period from October 12-19 as compared to the same period last year. The Diwali week this year witnessed Rs 89.04bn worth of gold sales resulting in a growth of 39.2% over the same period last year. This period covers the auspicious festival of Diwali and other gold buying festivals like Pushya Nakshatra, Dhanteras, Bestu Varas/New Year Day and Bhai Dooj/Bhau Beej. Indian consumers flock to jewellery outlets every year on these days to make their traditional gold purchases. The figures released by WGC are based on a study of all the participating retailers across India for ‘The Great Indian Gold Rush’. Gold has a special relevance to the Indian festive season. This pan-India gold festival ensured consumers were even more connected to the precious metal. This shopping festival was instrumental in the growth of gold sales this year as retailers have received an overwhelming response from the consumers.