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Top Gold Buyer Sees Demand Slumping on ‘Black Money’ Curbs

  • Weak farm incomes, jewelers’ strike have hurt buying this year
  • Purchases for Diwali, weddings offer industry glimmer of hope
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In the world’s largest gold-consuming country after China, demand has just fallen off a cliff.

Saurabh Gadgil, a sixth-generation jeweler, says it’s the worst year in India since he took charge of the family business in 1999. The 39-year old chairman of PN Gadgil Jewellers, which has stores in the country, Dubai and the U.S., has offered discounts and freebies to lure customers. “There’s not much you can do as the whole industry is suffering,” he said by phone from the city of Pune.