Gold’s rally to give way to biggest jeweller share sale in India

Valued asset: A goldsmith works to make a jewellery ornament at a workshop in Chennai, India. Gold purchases by Indians this year are forecast to plunge to a record low with the coronavirus pandemic hurting the economy and pushing prices to all-time highs. — AFP

MUMBAI: Gold’s record-setting rally is set to give wings to the largest initial share sale by an Indian jeweller, helping it overcome tumbling demand in the second-biggest consuming nation.

Kalyan Jewellers India Ltd said Monday it plans to raise as much as 17.5 billion rupees (US$235mil) through a public listing as it banks on the long-term appeal of gold, a staple of Indian weddings and a popular investment option in the country.