New Delhi, May 22 (KNN) Reserve Bank of India’s (RBI) announcement to withdraw Rs 2,000 notes from circulation has resulted into jewellers receiving more inquiries for purchase of gold or silver immediately, reported ET.

After China, India is the world's second largest gold consuming country.

All India Gem And Jewellery Domestic Council (GJC) however said on Sunday that unlike 2016 demonetisation there is no panic buying of the precious metal.

Due to strict Know your Customer (KYC) the actual gold purchase has been less in exchange of Rs 2,000 in the last two days. 

Although as per ET sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level. 

Currently, gold prices have corrected to around Rs 60,200 per 10 grams level in the country. 

"There have been a lot of inquiries about purchasing gold or silver with Rs 2,000 notes, hence the higher footfalls on Saturday. However, due to strict KYC norms actual purchase has been less," apex industry body All India Gem And Jewellery Domestic Council (GJC) Chairman Saiyam Mehra told PTI.  (KNN Bureau)