Demand for gold in India is expected to remain strong during the current quarter because of good monsoon and consumers? strong confidence in gold buying, according to Philip Olden, CEO and MD, World Gold Council said.
Over the past five years, there was a steady growth in gold demand in volume term even prices doubled while gold jewellery demand showed double in value terms, he said, on the sidelines of the 25th India International Jewellery Show (IIJS) 2008 inaugurated on Thursday. India may import less gold this year compared to 750 tonne reported last year, he added. Bill Champion, MD of Rio Tinto Diamonds was bullish about the diamond mining in India. The government has recently proposed the setting up of a National Council to bring the sectors under one umbrella. This will perform an important role in streamlining the domestic industry along with exports, Sanjay Kothari, chairman Gems and Jewellery Export Promotion Council (GJEPC) said at the event.
