Gold jewelry demand is set to rebound in this year’s second half after a slump in Indian consumption cut first-half usage to the lowest for the period since 2009, Thomson Reuters GFMS said.
Global jewelry demand will increase 5.4 percent from a year earlier to 952 metric tons in the second half, the London-based researcher said today in a report. Consumption slid 13 percent to 932 tons in the first half, the lowest since 2009, as Indian usage plunged 30 percent to 279 tons, it said.
Indian demand slowed amid record local prices, strikes by jewelers to protest taxes and a weakening economy, GFMS said. Consumption in the six biggest western markets declined by a combined 10 percent in the first half due to substitution to other metals and weaker consumer spending, the company said.
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