Higher costs are driving extra Indians to reuse their gold, and while shoppers are purchasing for weddings, general demand is relatively subdued. Annual jewelry demand in Turkey climbed 8%, recovering to pre-pandemic levels at 37t. Q4 demand jumped 32% y-o-y to 10t, adding to the sturdy Q3 total and producing the very Auto News best H2 complete since 2017. Despite the rise within the native gold price during Q4, hovering consumer inflation brought the investment motive to the fore. This is reflected in the strength of plain gold jewellery pieces, while diamond jewelry demand remained weak.
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