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Why India's Demand For Gold Jewelry Plummeted 44% Last Quarter
the weakness in the Indian economy kept consumers at bay.

<That's called deflation.>

The outlook for the start of 2012 isn't much better. The Indian cabinet recently approved a bill that makes hallmarking gold mandatory and signaled a potential increase in the import tax on gold, both of which will require both traders and consumers to adapt some more.

http://www.businessinsider.com/indian-gold-demand-falls-44-percent-2012-2?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Money%20Game%20Select&utm_campaign=MoneyGame%20Select%202012-02-25#ixzz1nIfZnzUw