Gold jewelry demand cooled in China in 2014, in sharp contrast to the frenzied off take in 2013, and plunged 33 percent year-on-year to 624 metric tons, according to data published by the World Gold Council on Thursday

India displaced China as the largest gold consumer in 2014 with demand for gold jewelry and investment exceeding 843 tons, compared with 814 tons in China.

Global gold demand fell by 4 percent last year to 3,923.7 tons as consumers bought less jewelry, coins and bars compared with the record levels in 2013, the WGC said.