The demonetisation of ₹500 and ₹1,000 currency notes from November 8, 2016 (86% of the currency in circulation), has been one of the most significant monetary decisions taken by any Indian government. There are several dimensions of this decision such as slowdown of the economy, liquidity crunch and hardships, greater transparency and shift from cash to digital economy, reduction in black money and corruption, counterfeit currency or fake notes, countering terror funding and so on.
The World Bank estimated the size of the shadow economy for India at 23% of the Gross Domestic Product (GDP) in 2010. There are sharply contrasting viewpoints on the benefits and demerits of this move and as it is an unprecedented “experiment”, the actual outcome will be known only in the next 3-6 months.
One of the sectors which has been most impacted by this major development is the gems and jewellery industry and in this article, I have attempted to analyse the implications for the industry and the way forward.
Industry needs to improve its governance & perception
هذه القصة مأخوذة من طبعة January 2017 من Solitaire International.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 2017 من Solitaire International.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Banking Seminar Gives Trade Reality Check
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Urgent Need To Upgrade Hupari Silversmiths
Hupari, a small town nestled in the Kolhapur district of Maharashtra, India, is home to nearly 25,000 silver artisans. Jewellery blogger and designer PRERNAA MAKHARIAA narrates her experience of a recent excursion to Hupari as part of the Women’s Jewellery Association (WJA) India.
gjepc conducts 50th agm in mumbai
decides to form trade disciplinary committee.
De Beers Diamond Jewellers Revamps Harrods Store
De Beers is proud to continue its legacy as the ‘Home Of Diamonds Since 1888’ with a refined new store in the Fine Jewellery Room at Harrods.
JJS Gears Up For December Show
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HK's 4,455+ Employees Take Part On International Yoga Day
Hari Krishna Group organised a yoga programme on 21st June 2017, International Yoga Day in its factory premises in Surat, and sales offices at BKC and SEEPZ, Mumbai.
GJEPC To Set Up IIGJ Centre In Udupi
The Gem & Jewellery Export Promotion Council (GJEPC) laid the foundation stone for a premier gem and jewellery training institute in Udupi, Karnataka, on June 16th.
US Diamond Jewellery Demand Reaches $41 Bn
Total diamond jewellery demand from US consumers increased 4.4% in 2016 to exceed $40 billion for the first time, according to industry insight data published by De Beers.
