"The deficit of cash forced the agricultural community to recycle their old gold to meet demand in the wedding season Buying gold for cash has fallen by almost 50% in rural India.", - said Nitin Khandelval (Nitin Khandelwal), chairman of the All India Federation of dealers in precious stones and jewelery (All India Gem & Jewellery Traders Federation , GJF).
Jewelry companies also say that they are trying to encourage people to recycle old gold. For example, Malabar Gold & Diamonds has introduced a scheme offering a bonus of 100 grams of the new gold in exchange for the old diamond jewelry.
While rural India rely on old gold to meet demand before the wedding season, jewelers do not see significant growth in new purchases of gold jewelry in the first three months of this year. Rural India consumes about 60% of the gold imported into the country.
According to the Indian Association of gold and jewelers (Indian Bullion and Jewellers Association, IBJA ), in 2015, 905 tonnes of gold was imported into the country. At the same time in 2016 it was imported much less than gold, or 493 tons.
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Botswana's diamond exports in January fell by 27%, to $ 222.5 million, according to data released by the central bank of the country.
Last year, the rough diamond market is faced with the volatility of the liquidity crisis, against which the diamond producers have been forced to purchase smaller volumes of diamonds for cutting. In addition, the diamond market has put pressure and slowing growth in China.
Nevertheless, there is hope for a positive year for the diamond industry. De Beers, the company reported that she was able to earn $ 540 million in the first auction of diamonds to sightholders this year. At the last auction in 2015 De Beers was saved only $ 248 million.
The improvement in sales was due to a positive holiday season in the United States in terms of retail.
In addition, it is reported that the decline in diamond processing volumes due to the reduction of purchases in the fourth quarter of 2015 helped to reduce the excess reserves of diamonds in the diamond pipeline. With this diamond prices could rise.
Coglasno to the central bank of Botswana diamond exports from that country immediately fell by 39% in 2015.
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