India to see higher gold jewelry exports

Demand for gold jewelry made in India is set to soar, according to a new report.

In news that may have a bearing on gold prices, the publication from the Federation of Indian Chamber of Commerce and Industry (FICCI) has suggested that the Indian jewelry and gem export sector will see a doubling in value to $37 billion over the next seven years.

Rising demand for gold jewelry could push gold bullion prices higher - particularly in the current climate of relatively low values for the yellow metal, which may help to encourage bargain hunters to buy gold while it is in a phase of price correction.

An unnamed analyst recently told Reuters that Indian gold future prices are likely to rise in the near future, while domestic demand for gold bullion has picked up in recent days to prompt a rally in spot gold prices.

India was the biggest volume retail market for gold jewelry in 2007, according to figures from the World Gold Council.

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