INSUBCONTINENT EXCLUSIVE:
MUMBAI: Calamity-stricken residents of Kerala could end up pledging,or selling,their gold ornaments to re-build their homes or meet
exigencies arising from the worst floods in a hundred years
Muthoot Finance and Manappuram Finance, whose core business is lending against gold, and local jewellers from the state could see a rush of
WorldGoldCouncil.
Traditionally,Keralites splurge on gold jewellery this time of the year, coinciding with the wedding season and Onam
In 2017, trade sources estimate countrywide jewellery demand at 594 tonnes
Of this, Kerala alone accounted for an estimated 106 tonnes, or almost 18per cent
Association of Gold Refineries Mints (AGRM)
saying there was no damage to any gold jewellery
He said water had entered three branches in the floodtorn areas: in two, it did not enter the strong rooms but in one the water did make an
However,therewas nodamageto any of the gold parcels.
Sales of gold jewellery would be the last resort, said Shaji Paul, a Kochi-based
Joy Alukkas,MDof Joyalukkas,said scrap gold supply could rise with people in need approaching jewellers to sell their gold for money.
