India, which continues to surprise the world with its appetite for gold jewellery, saw demand for the adornment slipping 26 per cent to 125.3 tonnes in the third quarter of 2011. Even then, the managing director of Gitanjali Gems Mehul Choksi said in an interview with Reuters that last year closed with Indian gold jewellery demand rising between five and seven per cent.
The third quarter demand slippage was largely due to seasonal dip in buying, local volatility in precious metal prices and high inflation, according to the World Gold Council (WGC).
Text: Business Standard
Images: Reuters, AP
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