Some 20% of jewellery sales by volume is now diamond-studded jewellery, according to industry executives.
Zaveri Bazaar is a hub for wholesale and retail gold and jewellery trade.
The high OI indicates that sellers don’t expect either to break in the current month.
There are around 650 hallmarking centres across the country.
The exchanges which offer a commodity segment include MCX, NCDEX, ICEX, NSE and BSE.
The circular reversion, said Rupesh Dalal, a consultant to hedgers, could be because there were no buyers in the market.
OI measures the outstanding buysell positions of participants and gives an idea of the money flowing into the market.
The disadvantage of the strategy is that gains are capped no matter how high market breaks out.
Anand Rathi Stock Broker's Naveen Mathur termed the fall in past two sessions surprising.
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