India's Gujarat state almost doubles gold imports in Oct.

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Published : October 31st, 2012
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Mine Web, in its October 30, 2012 article, reports that India's Gujarat state almost doubles gold imports in Oct..

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MUMBAI (MINEWEB) -

The state of Gujarat that got its first gold temple in May this year, with gold-plated spires adorning the facade, is again leading the country in gold imports.

While figures from across India show a decline in gold imports, Gujarat has imported 23.7 tonnes of the precious metal in the month to October 25, as compared to 12.7 tonnes in September. The end of the month will have the state exceeding 30 tonnes, ahead of Diwali.

A good demonstration of the state's affinity for the yellow metal is the Gopinathji Dev Mandir temple, some 125 km from Ahmedabad that has been decorated with gold-plated spires. Around 70 kilo of gold worth nearly $11.13 billion (Rs 210 million) was used to plate the spires.

A special event marked the formal opening of the golden temple in May, which sees around 1,500 to 2,000 devotees on a daily basis. On special days, like the full moon, which incidentally falls on October 30, nearly 40,000 people are expected to pay obeisance at the temple.

Elsewhere too, imports of gold are set to rise given the festivities ahead. "There is a lull in prices for the past few weeks. The onset of the festival season has boosted gold and trading is expected to pick up,'' said Manish Shah, bullion retailer and export house owner.

 

 

Read the rest of the article at Mine Web
Data and Statistics for these countries : India | All
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