There has been a fall of almost 24 percent in gold jewellery fabrication, worldwide, during the first half of 2008. The figures are published in a report on precious metal released on Monday. If the use of scrap metal in jewellery is excluded, fabrication further dipped by 36 percent or close to 350 tons, year-over-year, for the first half of 2008, the lowest in two decades, according to the GFMS Ltd. Gold Survey 2008–Update 1. %% The steep and fluctuating gold prices influenced the fall in fabrication, as also a drop in gold jewellery demand in the US, which amounted to about 300 tons, compared with the first six months of 2007. %% Worldwide, markets responded variably, with India seeing the most prominent drop. Jewellery fabrication in India, for the said period, effectively halved year-on-year, as indicated by the report. In the other growing markets like Middle East, Turkey and Saudi Arabia, which are the two largest fabricators in the region, fabrication decrease by around one-fifth. %% For the US markets, retailers have donned a conservative approach. This has reduced Italian jewellery fabrication, as exports were affected by the weak US dollar. In China, fabrication saw a modest first half rise, as its economy is fighting back the impact of the falling Chinese stock market. Russia too is enjoying a higher rate of fabrication, due to its economic growth. The jewellery market in Egypt grew with anticipation of further price increases. %% As per estimates of GFMS, a London-based precious metals consultancy, the second half is likely ot bring in some relief of 6 percent year-over-year recovery, although this compares with a low base in the second half of 2007.