Thursday, April 29, 2010

Demand For Fake-Gold Jewelry Rising In India

It's prompted in part by gold's price rising, for two reasons: the expense and the greater likelihood of theft. Another reason is the female characters on daytime soap operas wearing lots of jewelry; the only way for most to emulate is through imitation jewelry. That's what's driving a veritable trend, according to the Wall Street Journal's India-watch blog:
“Demand for imitation or fashion jewelry, as it is called, has been growing day by day because of its affordability,” Nagendra Mehta, secretary of the Mumbai-based Imitation Jewellery Manufacturers Association, told India Real Time. “In the last one year itself, demand has risen 10%-15%.”

Compare that with the 19% decline in gold jewelry demand during 2009, when only 459 metric tons were imported compared to the 700 to 800 tons imported during previous years, according to World Gold Council data.

Of course, this trend is likely to complement rather than crowd out Indians' traditional demand for the real thing.

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