Surging Gold Prompts Indians to Recycle Jewelry for Weddings
- Imports may slow, says India Bullion and Jewellers Association
- Weaker rupee has made bullion more expensive for consumers
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Surging gold prices are prompting some Indians to exchange gold jewelry for new pieces as demand rises during the wedding season in the biggest consumer of the precious metal after China.
More Indians are looking to reuse their gold, and the higher prices mean imports will remain pressured in the coming months, said Surendra Mehta, national secretary at the India Bullion and Jewellers Association Ltd. Consumers have been buying to meet wedding-related needs, but are otherwise largely staying away from the market, he said.