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Gold's Plunge Is Happy News for India's Brides and Economists

Gold adornments light up a Gujarati wedding in India
Gold adornments light up a Gujarati wedding in India Photograph by Education Images/UIG via Getty Images

The stunning fall in gold prices couldn’t come at a better time for Indian consumers. It’s wedding season in India, the world’s biggest buyer of gold, and this is a traditional time for people to give gold to brides or to wedding guests. Moreover, next month is the Akshaya Tritiya festival, a time for Hindus to buy gold and other precious metals.

“The decline will be positive for jewelry as there will be a pick-up in demand because affordability will increase,” Mehul Choksi, chief executive officer of Gitanjali, India’s biggest jewelry and diamond retailer, told Bloomberg News.