Jewellers introduce lightweight gold

Written by Neha Pal | Neha Pal | New Delhi | Updated: Aug 24 2010, 08:52am hrs
Taking into consideration the sharp hike in gold prices during the last few months, major brands such as Gitanjali and Tanishq have decided to make jewellery more accessible for the customers by introducing jewellery in lightweight gold.

As gold prices look northwards, the customers are not in a position to buy gold. So, we have decided to introduce our new collection which will be more affordable as it will be made in lightweight gold, Mehul Choksi, chairman and CEO of the Gitanjali Group, told FE.

He said the forthcoming festival season will scale up the demand for jewellery which is why the company is also planning to make more jewells in 18 carrot gold which will be comparitively reasonable than the 22 and 24 carrot gold.

Light weight gold is on our cards. Gold rate is in a fluctuating mode which has become a bit of a deterrent for the customers. The industry is not in a very good situation. We are planning to bring in new designs in gold sets which will begin from Rs 30,000 onwards, Bhuvan Gaurav, marketing head, Tanishq, said

Meanwhile, gold prices declined by Rs 24 to Rs 18,703 per 10 gm in futures trade on Monday as speculators reducing their positions in tandem with a weak global trend.

At the Multi Commodity Exchange (MCX), gold for October month declined by Rs 24, or 0.13% , to Rs 18,703 per 10 gm with an open interest of 20,230 lots.