MUMBAI (Commodity Online): India’s branded jewellery makers have now learned new lessons to tackle the high prices of gold and they are now increasingly using less quantity of gold in the jewellery pieces.

They have also decided to use 14 carat and 18 carat gold for making standard gems studded jewellery using lesser amount of gold.

Reason for this is the unprecedented 20 per cent rise in gold prices since March 2009.

Using 18 carat gold will help reduce the prices of jewellery pieces around 16%.

Jewellery makers are now considering making standard diamond studded jewels in 9 carat and see whether the market accepts it.

While for jewellery makers buying gold has become a critical affair, Indian exporters as well as exporters worldwide are trying to penetrate into the Indian market, though gold as jewellery buying has come down by more than 70% in India keeping pace with the global trend.

Jewellery purchase in Italy, the second highest consumer of gold after India, has come down 75% and Turkey, the third largest consumer by 94%. But across the world gold as an investment buying has gone up by 20% and official buying by around 15% with most central banks across the world increasing gold stock.

Gold as in investment buying across the world never exceeded 5% of total gold sales until the economic meltdown.