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Try:
awk '{for(i=1; i<=NF; i+=2) gsub(/\|/,x,$i)}1' FS=\" OFS=\" file

Sathya: This worked for me. Thank you.
or

awk 'NR%2{gsub(/\|/,x)}1' RS=\" ORS=\" file

Nope does not

I am trying to keep the pipe symbol between the quotes

I have tried these, still not getting the expected results.

sed -e ':a;s/^\(\(\(["]\)[^\3]*\3\|[^"]*\)*\)|/\1/;ta' data_file_name

awk...

I have file with are delimited by pipe(|) symbol, I wanted those to be removed except the ones which are enclosed in double quotes.

If your quote file is:
|Life is |Beautiful"|"Indeed life |is...

I have file with are delimited by pipe(|) symbol, I wanted those to be removed except the ones which are enclosed in double quotes.

If your quote file is:
|Life is |Beautiful"|"Indeed life |is...