Cash crunch hits India's jewellery retailers; gold demand set to tumble
Singapore
A SELF-IMPOSED cash shortage in India is creating chaos for jewellery retailers in one of the world's biggest gold-buying countries. Sales are plunging.
Just ask Renita Ferreira. While her Feb 24 marriage ceremony has been set for a year, she and her fiance haven't bought wedding rings, even after many trips to stores in Panaji, the capital of the western state of Goa. A majority of retailers aren't equipped to accept credit cards because India's jewellery industry runs mostly on cash, something consumers have a lot less of these days.
In November, the government banned what amounts to half the circulated cash, part of a plan to curb corruption and tax evasion. The move cut purchases of everything from cars to soap in a country where 98 per cent of consumer…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action
France's Casino supermarket chain to axe up to 3,200 jobs
Prada outshines rivals with 16% revenue lift boosted by Miu Miu
Toymaker Hasbro posts quarterly profit beat, slower sales decline