Saurabh Gadgil, a sixth-generation jeweler, says it's the worst year in India since he took charge of the family business in 1999.
International Brent crude oil futures fell 8 cents to $51.38 per barrel as of 0528 GMT from their last close.
Gold prices edged up, underpinned by healthy demand, but an increasing probability of a US interest rate hike and a firm US dollar kept prices range-bound.
The probability of a December hike is about 68 percent, from 59 percent at the start of the month.
OPEC plans to reduce production to a range of 32.50 million to 33.0 million barrels per day (bpd), down from 33.39 million bpd in September.
Petronet LNG had in August 2009 signed a 20-year deal to buy 1.44 million tonnes per annum of liquefied natural gas at a price equivalent to 14.5% of the prevailing oil rates.
As the dollar surged to a seven-month high against a basket of currencies, its third straight week of gains, oil prices slipped to set up the first weekly loss since mid-September.
Launched in November last year, the Sovereign Gold Bonds scheme provides investors a choice to diversify their portfolios without the need to buy the precious metal in physical form.
The US has imposed sanctions on Russia as a penalty for its agression in Ukraine, including the annexation of Crimea.
Sentiment was bolstered after gold advanced to the highest in two weeks in the global market as a weakening dollar pushed buyers to exchange-traded funds backed by the metal amid speculation that a hike in US interest rate will be gradual.
Analysts at JBC noted that US crude oil stocks have been depleted by 26.5 million barrels in the past seven weeks which was unusual even when taking into account hurricanes that can disrupt oil production and supplies by tankers.
US Energy Information Administration data cited lower crude imports as a factor for the inventory drop. US crude imports slid by 912,000 barrels per day last week to 6.47 million bpd - the lowest since November 2015.
Many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabias Minister of Energy and Industry Khalid Al-Falih.
Gold importers have traditionally charged premiums to mitigate risks they take due to currency and price fluctuations.