Why the Indian wedding season is a boon for Dubai
October marks the start of the Indian wedding season, brought on by a string of auspicious dates in the Hindu calendar. Up to 20 million weddings take place in India annually, and while each will be unique, they’ll have a few things in common. One of them is gold. Lots of it.
India is a huge importer of the precious metal — to the tune of billions of dollars a month — as demand outstrips the country’s gold mining industry.
Gold is a straightforward investment in a nation in which a large proportion of citizens are still unbanked, and a wedding day is the chance to wear gold accumulated throughout a bride’s lifetime — a collection augmented for the occasion.
Prices are on the rise
Global gold prices have risen since June this year, and savvy Indian consumers are looking to see where savings can be made.
A three-hour flight from Mumbai, Dubai is reaping the benefits. One jeweler reported sales increased 20-25% in the run up to wedding season. Consumers are drawn to the self-styled “city of gold’s” tax breaks and abundant supply. Read More
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