Tuesday, 25th May 2004 (3372 views)

A huge increase in the consumption of gold in Pakistan has been created due to a surge in economy.

Dealers believe demand for the precious metal will continue to increase in Pakistan, considering high share prices, higher funds from Pakistanis working abroad, the marriage season and property value doubling.

At present gold import is at its best with around 18,000 tolas of gold entering the country daily from Dubai.

Gold buying has also changed in Pakistan, president of the All Sindh Sarraf and Jewellers Association (ASSJA), Haroon Rashid, told The International News: "Previously 75 per cent of the customers bought new gold ornaments, but now only approximately 35 per cent of the customers buy new gold jewellery."

He added: "More and more people want to recycle or switch their previous ornament to a new one with the latest designs or patterns. For example, a lady would want her gold bangles to be converted to a necklace or something else."

Now a new facility is planned by the Export Promotion Bureau (EPB) to bring together craftsmen, gold and precious stones in one safe and secure place and to hold auctions and attract foreign buyers.

 

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