NEW DELHI, INDIA, January 29, 2003: India, the world’s largest gold consumer, is in the grip of a wedding fever as fears of war in Iraq push the precious metal beyond the reach of many aspiring brides. Domestic prices shot to a record high of US$383.33 an ounce last week due to the war fears. “People with a wedding in the family are rushing to exchange their old gold,” said D. Krishnamurthy of Chennai based Astro Matrimonial Services. The annual Hindu wedding market is estimated to be worth a staggering $6,284,038,523 with gold ornaments as gifts to brides. One internet matrimonial site said, “Only yesterday we successfully arranged 10 marriages. The Hindu wedding season is in full swing and will last until May, and in no way are the soaring prices affecting the nuptials because we Indians cannot think of a wedding without gold,” said spokeswoman, Vandana Asija. “We registered 200 clients since our launch in December and all of them are in a hurry to marry because of soaring gold costs,” said another online matrimonial site.
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