New Delhi: Young and old, women in India, are no longer dipping into their grandmas jewellery box to get inspired for buying gold. Platinum, diamonds and rubies for them apparently shine more.

According to legend, Akshya Tritiya, which falls on April is an auspicious occasion especially for Hindus to buy gold, real estate or start a new venture as the belief states that anything initiated or bought on this day brings prosperity.

One thing which is now synonymous with Akshya Tritiya is packed jewellery shops especially those selling gold, which make a killing with overall sales figures running into crores.

But it seems the demand for gold jewellery is now limited only to this auspicious occasion as more and more people now prefer to go in for stones.

According to the latest report released by London-based precious metal consultancy GFMS, India saw a 90 tonne drop in demand for gold jewellery in 2006. The fall in gold demand was not limited just to India. The report states that World jewellery fabrication demand fell 16 per cent to a 15 year low of 2,280 tonnes in 2006.

GFMS report further adds that the demand for gold jewellery worldwide in 2007 is expected to to decline further with India been no exception.

Fall in demand for gold jewellery is due to fluctuating gold prices. Added to this is the increased attraction especially among the youngsters for stones. "Globally, gold demand was affected due to a shift toward lower gold weights and more gem-set ornaments. This led to the fall in jewellery segment," says Philip Klapwijk, executive chairman, GFMS.