India’s festival gold sales to shine less brightly this year

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India’s gold sales during the festival period that ends the year may shine less brightly after a massive jump in 2021, and customers won’t be rushing to stores this time around, according to the World Gold Council.

Demand for gold jewelry, coins, and bars typically peaks in the world’s second-biggest consumer over October to December, driven by festivals including Diwali which starts next week, and the spate of weddings that follow. Jewelry sales nearly doubled in the final quarter of last ye.

Indians bought a record 344 tons of gold over the period, and sales are unlikely to match that this year, PR Somasundaram, regional chief executive officer at the London-based organization, told Bloomberg Television in an interview on Tuesday.

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