CNBC reported gold sales in India have dropped 30 percent year on year as Indians begin purchasing more and more diamonds.
As quoted in the market news:
India’s ‘diamond discovery,’ isn’t just about the bling. It is being driven by price moves and currency devaluation. Persistently high gold pricesover the past year have been coupled with a depreciation of the rupee against the dollar. In fact, the rupee has lost 25 percent of its value against the dollar over the same period. This exacerbated the price of gold for Indians, because gold is priced in dollars.