The Kerala floods, which claimed over 200 lives, is unlikely to have a major impact on the gold market, said India Bullion & Jewellers Association (IBJA) on Thursday.
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In an interview to CNBC-TV18, Surendra Mehta, national secretary, said, "It's true that Kerala has seen the biggest flood in the recent times, but this is a temporary effect. It happens at least in one of the states every year in the country. The demand in the Kerala state can go down by about 10 tonne or so, but not beyond that."
Mehta said, "As far as the numbers of India International Jewellery Show (IIJS) is concerned, we have seen whopping sales in IIJS. The visitors exceeded almost double than what visitors were there last year. The sale has been tremendous. We are seeing very good sales in the rural market and this is continuing to happen. We are also holding the Zaveri Bazaar Festival in the month of October. The number of registrations for the visitors going up, this is also a B2B segment festival, we are surprised. I am being very positive about the gold market."
