GOLD SALES UP

Gold sales registered a six per cent growth in 2012 depite spurt in the precious metal's prices in recent years, a top official of the World Gold Council said today. The total sales volumes of gold for 2012 stood at Rs 2.47 lakh crore and total quantity of gold sold in the country was 864 tonnes, Vipin Sharma, Director (Jewellery) WGC told reporters here. Among this 552 tonnes represented gold jewellery, he said, adding, gold jewellery continued to attract Indian consumers due to its unique features such as for investment purpose and as gift items. Gold sale maintained a steady average growth of 10 per cent in the country, with a total of 700 tonnes since 2003, when the price stood at Rs 5,400, he added. Fifty per cent of all jewellery sales was made for wedding purposes and South India accounted for 40 per cent of the total jewellery market, Sharma said.