According to manager (south) World Gold Council, K Shivram, the slump in gold imports is mainly due to the price fall triggered by the Bank of England decision to sell out over 300 tonnes of its gold reserves and a similar decision by the IMF.

Despite this, the supply of gold was going to be less this year since some of the gold mines were not doing well, he told newsmen at a press briefing last night adding `this will definitely push the prices up in the coming months.'

He said India continued to be one of the largest consumer of gold with the gold jewellery industry's sales turnover touching Rs 864 million dollars in 1998-99 as against 840 million US dollars in the previous year.

Shivram said the outlook was bright for branded gold jewellery in India, especially in states like Kerala,which was the number one consumer of gold jewellery in the country.

He said a recent survey had revealed that the demand for branded jewellery was to the tune of Rs 100 crore in the country and the World Gold Council was committed to promote this market in a big way.

Shivram was in the city in connection with the inauguration of the exclusive showroom of `gili' brand of gold jewellery, promoted by the Mumbai- based Gitanjali group, one of the leaders in the branded jewellery field.

The traget market of branded jewellery was teenagers and working women, a spokesman of the Gitalnjali group who was also present on the occasion said. The branded jewellery being offered by the Gili shop ranges from Rs 500 to Rs 10,000 and the pricing was based on designs.

The Gitanjali group which had a tie- up with Kerala's leading Giri Pai Jewellers for the new showroom had also come out with special designs catering to the taste of the Kerala consumer.