Gold business expected to pick up from January 2014

Gold jewellery business is expected to pick up from January 2014 as agriculture sector is doing well, an industry official said on Thursday.

Fluctuation of price on higher side, coupled with the Centre's policy witnessed a 30 per cent dip in jewellery sales nationwide in the first eight months of the fiscal, Suraj Shanthakumar, Director, Business Strategy, Kirtilal Kalidas Jewellers Private Ltd, told reporters in Coimbatore.

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Since the agriculture sector was doing well and continuing to perform well, the gold business was also expected to grow or compensate at least 20 per cent of the decrease last year, Suraj said.

Stating that the company planned to promote diamonds as investments in place of gold jewellery, he said diamond sales were witnessing a 12 to 15 per cent Year On Year growth.

Kirtilals on Thursday launched a innovative jewellery collection inspired by nature, which it said is designed to highlight the elegance and feminity of the wearer.

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"Ambrosia is a chic beauty found in Nature, set with high quality diamonds and is hand crafted under the guidance of Italian technocrats and the prices ranged from Rs 100,000 to Rs 30 lakh (Rs 3 million), Suraj said.

On expansion plans, he said the company has added 50 per cent increased collection in diamonds and extended the nine exclusive showrooms across South India and a retail office in Delhi.