The ICW report also alleged extravagant purchases of gold and jewelry by Ghalib's wife, raising questions over where she got the money.
Major gold consumers China and India saw their citizens snapping up gold jewelry and bars as prices reached two-year lows.
The rebound was sparked by a flood of gold-bullion and jewelry purchases in India and China, the world's two largest gold consumers.
The percentage is set to rise again this year, with Beijing having recently increased by 30% the number of tour groups that can head for Hong Kong and indulge in its gold jewelry shops and Ocean Park attractions.
The council expects that gold will be in higher demand at the year end than it was in 2009 due to industrial growth in the tech sector and sustained demand for gold jewelry in India and China.
Repairs bring in 10% of sales, and colored stone jewelry and gold products each generate about 8% of sales, according to the association.
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Across the Chinese retail sector, gold, silver and jewelry demand was the strongest performing segment in 2011, says J.
She said she has been roaming department stores checking the price of gold jewelry and surfing online to compare prices.
The WGC sees domestic demand for gold jewelry and investment driving 20 percent growth in Chinese gold demand during 2012.
Perhaps if he had, like Egyptologist Howard Carter, discovered gold, jewelry and other fabulous funerary objects during his exploration of the ancient overland road to China rather than musty books of Buddhist sutras (even if they did include the world's oldest known printed volume), his lasting fame might have been secured.
Denizens of these nations tend to buy gold as an investment and jewelry at the same time, Toussaint explained.
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The unquenchable appetite for gold coins, bars and jewelry has swelled India's trade deficit and weakened its currency, making crucial imports such as fuel more expensive.
Rolexes, chunky gold rings and other ostentatious jewelry abound.
In the newly-opened Marwa Tower mall, a gleaming structure of glass and steel skyscraper next to the Grand Mosque, you may find Puma trainers, Chanel fragrances, gold jewelry, mobile phones and dozens of other gadgets -- alongside religious books and traditional calligraphic art.
It created so much excitement for gold that not only were people clamoring to come up with more money to pour into gold investments, but housewives were melting down jewelry and family heirlooms to recover their gold content.
It was a different world from what Nick was exposed to in Binghampton: lawns littered with trash and gold-teethed, jewelry-flaunting thugs manning corners.
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Inspired by the sea and worn not as a halo or crown, but more like a hairpiece, the tiara worn by Princess Charlene of Monaco is a delicate piece of diamond and white-gold jewelry that showcases her individual style.
Mr. Acharya's company buys gold from banks and sells it to jewelry retailers.
In fact, worries about inflation are one of the factors driving gold-jewelry demand in India and China, he explained.
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When Lillehei was lucky, his gold jewelry, Jaguar XKE and late nights in jazz dives did little more than provoke the envy and outrage of his peers.
This artificial peg was made possible in the short run because U.S. citizens were forbidden to own physical gold except for small amounts related to gold coins, jewelry, art and dental needs.
China and India alone account for 55 percent of global jewelry demand and 49 percent of global gold demand.
She has two Mercedes she never drives and about 14 pounds of gold jewelry.
He said not only jewelry, but gold bars and coins remain in high demand because in many rural areas banking is less available.
Gold jewelry accounted for over 500 tons and the investment market demand reached 366 tons.
The machine dispenses gold and silver bars, coins, pendants with religious motifs and a range of diamond studded jewelry.
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Lamb said gold jewelry is in a fascinating period and he concentrated on the differences in the East and West markets.
Clearly separated from the tourist costume of T-shirts, baseball caps and running shoes, a local aristocratic lady also dressed in black, with a gold-handled onyx cane, good jewelry and noble upright posture, entered her apartment building.
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Pre-Columbian animal figures went in, along with prehistoric "mirrors" of hammered gold, ancient Chinese faces carved from jade and antique jewelry with rubies and emeralds.
An unexpected substantial increase in the import tax on gold and the introduction of an excise duty on gold jewelry resulted in a three-week countrywide strike among jewelers until the government agreed to end the excise duty.
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