India's largest jewelers delay gold purchases ahead of Diwali festival

India's largest jewelers are holding back gold purchases ahead of the Diwali festival, waiting for prices to decline further before buying. MMTC-PAMP India CEO Samit Guha said most current purchases come from small and mid-sized jewelers, while larger ones run down existing stock. With gold trading near $4,050 and import duties at 15%, Citi Research forecasts December imports at about 106 tons, roughly half the usual level.