Premiums have indeed dropped from $90/ounce to $30/ounce, that's more than a 50% drop.
So with premiums of gold going back to this low level, gold jewelry will be cheaper for the people to buy and I expect pent-up demand to come back.
As you can see on this chart, the premiums have come back to the 2012-2013 level of $30/ounce.
This also means that the India gold import trade will go back to the 2012 levels. I expect that the official numbers will double. This will add at least another 30 tonnes/month of demand from India, which balances the recent decline in demand from China.
India Gold Trade (In Gold We Trust: Koos Jansen)