Indian gold jewelry popular with investors
Demand for gold exports from India rose by almost ten per cent in 2010, it has been revealed.
According to the country's Gem and Jewelry Export Promotion Council, a third of the total jewelry exported last year consisted of gold.
The precious metal saw its value in the market rise from $8.6 billion in 2008 to $9.4 billion last year, representing a 9.38 per cent rise.
"After having undergone challenging times in 2008-09, the Indian gems and jewellery industry rose like a phoenix and is today experiencing [an] upward trend," said Vasant Mehta, chairman of the GJEPC.
One analyst has meanwhile predicted that a revaluation of the yuan will cause demand for Gold Investments in China to rise.
Edel Tully, a London-based analyst for UBS AG, wrote in a report that the rise would see gold become better value for money in yuan.
"And if the yuan revaluation is interpreted as a signal of government confirmation that inflation is indeed a problem, this would likely boost golds appeal," he added, Bloomberg reports.
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