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Report: Jewelry Consumption Down Sharply after Demonetisation

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According to a variety of news sources in India, quoted by Gem Konnect, jewelry retailers in the Mumbai and New Delhi are experiencing a sharp drop in sales following the demonetisation of 500 and 1,000 rupee notes on November 8.

For example, gold and silver jewelry and bullion hub Zaveri Bazaar, which accounts for an estimated 20% of all sales in India, has seen daily transactions drop to just 10% of normal levels over the last few days due to a cash crunch among consumers and a fear of attracting the attention of the taxman. Tax notices have been issued to 600 jewellers in the city. The authorities have reportedly even demanded CCTV footage from the jewellers as proof of having made bonafide sales.

In New Delhi, many jewelry retailers have closed shop after tax authorities conducted surveys for alleged profiteering and tax evasion.
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