Several British and other banks have formed a cartel and postponed their scheduled sale of gold stock to keep the price up and squeeze Indian buyers who are fond of purchasing the yellow metal during Diwali, said president of the JCCI Radhey Shyam Dhoot, and honorary secretary Ajay Kala in a joint statement here.

It is an international conspiracy by foreign banks to take advantage of the weakness of Indians for purchasing gold during the Diwali days, the release said.

There were all indications of prices of gold crashing down, but the British and other banks suddenly formed a cartel and postponed their scheduled sale of the precious metal to keep its prices high, it added.

Kala said the consumers, should purchase gold during Diwali season only if they must and avoid unnecessary buying because the price of the metal was bound to go down in the future.