Saturday, May 14, 2005

Unprecedented Gold Sales in India

The actual Hindustan Times article is here

An estimated 30 tonnes gold sold on 'Akshaya Tritiya' day

Press Trust of India
Chennai, May 12, 2005

An estimated 25 to 30 tonnes of gold, valued between Rs 1,500 crore and Rs 1,800 crore, has been sold during the last five days in Tamil Nadu on the occasion of "Akshaya Tritiya", according to a top World Gold Council (WGC) official.

"It has been absolutely unprecedented. Sales have far exceeded our expectations in Tamil Nadu," WGC-India vice president K Shivarama said.

This metropolis accounted for "slightly" over 25 per cent of the total sales and the maximum sales was on Wednesday, the day of "Akshaya Tritiya", he said.

He said in 2004, in all southern states and parts of Mahrashtra and Gujarat (in WGC promoted areas), the total sales was a mere 15 tonnes.

There are different versions for the celebration of "Akshaya Tritiya", with one story saying that it was the day on which Adi Sankara sang his "Kanakadhara sostra". Another version is that it happens to be the birthday of Lord Parasurama, one of the avatars of Lord Vishnu.