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Business trends

India's high gold prices dim Diwali consumption

Small merchants suffer 'most disappointing' turnover in 10 years as rupee falls

NEW DELHI/MUMBAI -- With gold prices at a five-year high, demand for the precious metal has been lackluster during India's monthlong festive season, with small jewelers complaining of a more than 30% drop in sales this year.

India competes with China as one of the world's biggest importers of gold, and traditional sellers make up 70% of the Indian gem and jewelry market.

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