Post-demonetisation, Mumbai's gold markets dull, deserted

Mumbai, Nov 25: Post-demonetisation, Mumbai’s bustling and glittering Zaveri Bazar, the tiol bullion and jewellery market, wears a forlorn, deserted look. Thousands of big and small jewellery shops and glittering showrooms in India’s oldest and biggest hub, as well as retail outlets in the eastern and western suburbs, eagerly await the elusive customers. The annual big, fat wedding season that is underway — with an average of 15,000 weddings scheduled in Mumbai every month till May-June — usually means a money-spinner. This year it is passing by without a ripple.

“I have taken some small orders for bridal gold jewellery sets, well before the demonetisation and kept them ready. Now, the customers are not prepared to take delivery as they have no money to pay their bills,” rued S.K. Velly, the proprietor of Pramila Jewellers in the suburbs. Some customer now demand they be permitted to make payments in instalments, but Velly rejected this, saying it’s not possible since he has to pay upfront at all other levels — and the ready bridal jewellery sets lie in the shop. Many others are apprehensive of Big Brother — the Income Tax Department — and refuse to either make or accept cheque/online payments to avoid future complications. (IANS)