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Tuesday, 10th March 2009 (2464 views)

Kerala in India is experiencing a boom in its gold businesses and currently has the largest number of showrooms in the world, it has been claimed.

According to Commodity Online, the southern Indian state is witnessing an increase in the number of gold jewellers opening showrooms.

Often supported by leading Indian film stars, the new gold stores are large and glamorous, with investment in ornaments and gold dating back generations in Kerala, the news source stated.

A 15,000 sq ft showroom was recently opened in the state's capital of Thiruvananthapuram by Kalyan Jewellers, which now has plans to expand its reach to Kottayam, Karur and Kozhikode.

The government of Kerala supported a three-day jewellery event, the Kerala Gem and Jewellery show, in Kochi last November and sales of gold coins by India Post in the state are rising.

In other news, the founder of hedge fund Greenlight Capital, David Einhorn, told the Financial Times that gold has become a more attractive option for hedge fund investors as a result of the global economic crisis.

 

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