Mysore to host gold festival

Encouraged by the increasing demand for gold in the Mysore market, the royal city's gold merchants have organised a gold shopping festival here from April 10 to May 25.

Organised for the first time, the 'Mysore gold fest 2006' will be independent of the Karnataka gold festival scheduled on the same dates in Bangalore.

The Mysore Shroff Varthakara Sangha (Jewellers' Association) had participated in the state festival last year and only four prizes were set apart for Mysore district, said association secretary K N Gupta. "But, this time we have planned our own gold festival," he added.

One kilogram of gold will be up for prize offer during the 45-day shopping festival, which is expected to receive participatory response from about a hundred leading shops, out of 136 members the association has on its list.

Mysore city has at least 1,000 jewellery shops.

Association president N Nagappa Setty said demand for gold in Mysore was rising every year, along with the property boom. The latter had not affected the demand for gold. Though the demand was somewhat down some time ago, it had picked up again since two years.