Thursday, 31st August 2006 (4713 views)

In a bid to boost its domestic jewellery sales and overall output, India is planning to create its own Gold Shopping Festival akin to the Dubai festival of a similar name.

According to India's Financial Express, this year's event, which begins in October, will feature over 2,000 jewellers across the country and generate total sales of around 4,000 rupees crore over a period of two to three months.

The 45-day festival will be featured as part of the Indian jewellery shopping calendar and will be on throughout Diwali and Dasherra, important religious events in the Indian calendar.

Dubai's equivalent festival has bolstered gold jewellery sales in the Middle East around the time of the festival and Indian jewellers and market observers hope their event will mirror the Emirate's success.

Indian officials hope to target the country's vast middle class, estimated to be nearly a quarter of the population, which is considered to be an as yet untapped retail market.

 

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