Gold rush continues despite soaring prices

If the sales at the jewellery shops in the city are any indication, the soaring prices of standard gold does not seem to have affected the demand for gold jewellery during this wedding season.

Jithendra Vummidi, partner, Vummidi Bangaru Jewellers, says: "Usually a rise in the price of gold is followed by a fall in the price. However, in the last six months the price of gold remained on the upswing. As a result, people have stopped waiting for the price to fall to buy gold, which was the case whenever there was a rise in the price. Moreover, as it is a wedding season, the customers cannot postpone buying of gold."

Vummidi added that more than 50 tonnes of gold worth Rs 400 crore is consumed by South Indians during the months of January and February, a wedding season.

He said that the four southern states - Tamil Nadu, Andhra Pradesh, Karnataka and Kerala, account for 40 per cent of gold consumption in the country. India consumes over 800 tonnes of gold per year.

Vummidi Bangaru Jewellers today announced that their diamond and diamond-studded jewellery has been certified as of the highest quality in diamonds by International Gemological Institute (IGI). Antwerp-based IGI is a leading gemstone and diamond certification institute that introduced the concept of certification for the last six years in India. It certifies India's popular jewellery brands.

The quality of diamond is based on cut, carat, clarity and colour. Tehmasp Printer, managing director, IGI India, said that India is a traditional market for gold jewellery though there is an increasing demand for diamonds as well. There is a lack of awareness among consumers about the quality of diamonds.

In order to help them identify authentic diamonds, the IGI certifies the diamonds available in the market, he added.