Tuesday, 11th October 2005 (2762 views)

The 50-day long Andhra Pradesh Gold Festival, organised by the World Gold Council (WGC), has started today (October 10th) in Hyderabad.

As the Indian festival season approaches, several events dedicated to gold have been happening, with the Seventh Festival of Gold starting yesterday and various state events also taking place.

This comes in the face of rising gold demand throughout India. According to the WGC Indian subcontinent vice-president, Mr K Shivaram, gold sales for the first six months of the year have already exceeded 500 tonnes.

A 30 per cent rise in gold consumption is predicted for the subcontinent this year.

The Andhra Pradesh Gold Festival hopes to encourage gold sales with the five kilograms of gold it has in prizes.

Yet more gold is on offer from the ICICI Bank, which is giving consumers, who purchase gold jewellery with its credit card, the chance to win half a kilo of gold.

A total of 250 major jewellers will be participating in the event and the WGC is already planning further events such as a Pan-India Gold Festival in 2007.

 

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