Jewellery sales fall by 70% after demonetisation
Following the demonetisation of old ₹500 and ₹1,000 currency notes, jewellery market sales have plunged by as much as 70%. This has been observed despite big retailers reportedly offering discounts on making charges. The jewellery businesses cannot function on notes of smaller denominations and transactions have wound down to cheques with jewellers facing a cash crunch, analysts said.