8 P.M Speech – Affects A Million
Gold Market and Jewelers affected by Modi’s Decision
Jewellery shopping in India is an activity indulged by both the rich and the poor. Demonetisation has affected the worlds 2nd largest gold consuming nation to a great extent. The demand for gold has fallen drastically since the last month.
There was a panic amongst the people, who rushed to their dwellers to invest their unaccounted savings into jewellery. At a time when weddings are held across the country, businesses have still dropped down.
Aditya Pethe, Director, WHP Jewellers said “There was a panic amongst people last night where many people tried to exchange cash with gold that led to a sudden rise in demand which triggered the price hike. However, this is just on cash gold and could be temporary. Internationally the gold prices haven’t increased much. We will know the exact impact of the currency withdrawal in the coming days.”
“It was only on Nov 8 from 8 p.m. when people wanted to buy bulk quantity of gold, so that they could invest all their black money in gold. The jewelry showrooms were open till 12 midnight. After that day, everything went completely down, there is no sales as people still do not have enough money to spend in hand”, mentions Raj Tulsani, co-founder Radheshayaam Jwellers.
Ishu Datwani, Founder, Anmol Jewellers said “The demonetization decision is a very bold step by the honorable Prime Minister to take India towards legitimacy. Although there is huge inconvenience in the short run and we as jewellers will also bear the brunt of that, it is imperative that we forget our own selfish needs and look at this initiative which will prove much more beneficial in the long term.” Many jewellery giants in the city kept their shops open late into night after demonetization and registered transactions in crores.
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