indian gold jewellery demand seen up 10-15 pct in 2012 - gold jewellery set
Gold jewellery demand in India, the world's main market, is estimated to have risen 5 to 7% in 2011, and will rise 10 to 15% further this year, after the recent increase, gold prices have fallen from the head of jitanghali gems, India's largest jewelry retailer said on Sunday.
In the third quarter of 2011, jewellery demand in India fell 26% to 125.
Affected by strong price fluctuations and depreciation of the rupee, the industry reached 3 tons
The World Gold Association said.
President of Mehul Choksi jewelry retail giant gitancari gems (GTGM. NS)
He dismissed concerns that a slowdown in China's economic growth could curb demand for jewelry.
"For a whole year, we will take 5-
Volume increased by 7%. . . (In 2012)
I expect that as the price of gold falls, it will catch up with this momentum again and will take 10-
15%, "Choksi said in an interview with Reuters at the international jewelry show on Sunday.
Strong jewellery demand is expected to help Gitanjali group increase revenue by about 35% in the new fiscal year, starting with $2 billion this year, Choksi said.
Gitanjali has been looking for opportunities to further expand its portfolio of Italian jewellery brands, with the current number of six Porti and new Borg after the company acquired four Italian jewellers Stefan Hafner, IO Si last year.
If he finds a complementary brand or product line in Italy, new acquisitions may take place this year, Choksi said.
He declined to comment on Italian media reports that jitangali was one of the potential buyers of Italian goldsmith yunaré.
Gitanjali, who plans to open a distribution center in China to expand sales of its Italian brand in the Far East, said Singapore and Japan are also interested in expanding in Russia, Kazakhstan and the Middle East in the coming months.
To help promote its Italian brand around the world, Gitanjali has hired Bernard Arnault, head of LVMH, the world's largest luxury group)LVMH. PA), Choksi said.
He said the Indian group recently acquired Aim, a Chinese jewellery maker, and Alfred Terry, a British jewelry distribution company, which does not intend to buy any more Jewelers outside Italy.
He said: "We firmly believe that there is only one kind of jewelry design in the world that is universal, that is, Italian jewelry . "