Elsewhere around the world, investors are panicking over the continued falling prices of gold, considered the best safe haven tool to counter inflation. But not in India where the price slump of the yellow metal has been more than welcomed, if not wonderfully embraced.

Global prices of gold on Monday tumbled by more than 9 per cent to $1,360.60 per ounce, its biggest in 30 years and capping two days of turbulent trading since Thursday last week, depicting what could be the metal's sharpest losses in recent history.

But the slump is more than welcome in India as experts see the price dip will revive jewelry demand among Indian housewives and brides before the start of country's wedding and festival seasons.

"The season is very hot for buying with weddings and other auspicious dates coming up," Mehul Choksi, chief executive officer of Gitanjali, India's biggest retailer of jewelry and diamonds by sales, was quoted by Bloomberg. "The decline will be positive for jewelry as there will be a pick-up in demand because affordability will increase. Volumes will increase."

Gold, which had rallied on for 12 straight years, had lost 19 per cent this year as it entered into a bear market last week.

Traditionally, India prefers buying and gifting gold. The country's festival season runs from August to October. The wedding season is from November to December and from late March through early May.

"We rushed to buy as soon as we saw prices fall so much and decided to buy jewelry early for our daughter's wedding in January," Bloomberg quoted Blossom D'souza, who bought a selection of bangles in a jewelry store in the Chira Bazaar area in Mumbai. "Now we can buy more gold within our budget."

And India expects prices to further drop "as the sentiment in the market is weak and selling pressure remains," according to Haresh Son, Chairman of All India Gems & Jewellery Trade Federation, a group of 300,000 jewelers in India.