The peak season for purchase of jewellery ahead of the wedding season is yet to take off in Ahmedabad’s unorganised jewellery market space in Manek Chowk, where sales have dropped to 10% of the usual in the wake of demonetisation of R500 and R1,000 notes by the government.
“Our entire trade is shut down. When people do get new currency notes, they would rather spend it on essential goods than jewellery unless it is an emergency like an impeding marriage. This should be the peak season for buying jewellery, but there is no money with people. It has been 15 days, but people are still queuing up at banks and they are still not getting enough money to run their households normally,” said Harshvadhan Chokshi, president, Manek Chowk Choksi Mahajan.
According to Chokshi, there are 300 traders associated with the Mahajan, including those dealing in bullion, retailers and wholesale manufacturers in the area. He estimated that of the daily turnover of R10 crore in Ahmedabad within the jewellery trade, Manek Chowk accounts for R2.5 crore.