Despite demand, gold jewellery sales are likely to decline by up to 60 per cent this festive season due to stock crunch following restrictions on imports, according to industry experts.
Two-thirds of gold demand in India comes from rural areas where jewellery is a traditional store of wealth.
A dedicated physical gold exchange could lead to standard gold pricing in India.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
India's gold imports could pick up in the next few months after slumping 81 percent in June as falling prices spur buying, a government source said, adding to New Delhi's anxiety over a record-low rupee and a wide current account deficit.
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