Quarter three saw a record $18-billon demand for gold jewellery across the world, with buyers returning to the market on lower price points, around and below $800, the release said. The biggest contributor to the positive trend was India, which witnessed a rise of 65 per cent, in dollar terms, or 40 tonne compared with previous year levels, with the Middle East, Indonesia and China all enjoying rises of more than 40 per cent in value or 10 per cent in tonnage.

There was, however, strong decline in western markets with the US going down nine per cent in value and 29 per cent in tonnes, and the UK down 5 per cent in value and 26 per cent in tonnes due to the overall decline in the retail market.