Pan American Metals of Miami says Indian Jewelers Rush to Re-Stock Gold Supplies

Top Quote Stronger rupee makes gold more affordable in India. End Quote
  • (1888PressRelease) January 07, 2012 - MIAMI, FL - Jewelers in India rushed to buy recent dips in the price of gold, to re-stock ahead of the wedding season. A stronger rupee helped to make the precious metal more affordable. India is the world's largest consumer of gold bullion but demand had fallen off recently, partly due to the higher cost of gold against a weak rupee but the rupee rose against the dollar, Wednesday. Also, India is still in Khar Mass, a month in the Hindu calendar that is considered inauspicious for gold buying or starting new ventures. It is likely that we will see further demand from India after the middle of January.

    "The drop in demand from India was a concern as India is the world's biggest customer as far as gold is concerned," says Bill Hionas of Pan American Metals of Miami. "The gain in the value of the rupee, the end of Khar Mass and the beginning of the wedding season should combine to ensure increased physical demand from this nation."

    The high price of gold has forced Indian manufacturers to replace even the gold thread, used to decorate and weave saris, with cheaper alternatives. Also, the Indian government has passed a law making hallmarking of gold mandatory in an attempt to stimulate sales of gold jewelry by reassuring consumers that they are investing in a genuine product. Traditionally, in India, gold is owned for pleasure and adornment and for long-term investment, not speculation. Owning gold is a status symbol for India's burgeoning middle class.

    About us:

    Pan American Metals of Miami, LLC is a group of traders, investors and account executives that combines many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors.


    Press Contact

    Debbie Bailey
    Executive Administrator
    Pan American Metals of Miami, LLC
    Email: dbailey ( @ ) investpanam dot com

  • FB Icon Twitter Icon In-Icon
Contact Information