Pursuits
Cash Ban Gives India Gold Lovers No Way to Buy Wedding Rings
- Bullion demand lowest in seven years and imports still falling
- Government bid to reform economy spells trouble for jewelers
How Has Modi's Cash Ban Impacted India's Economy?
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A self-imposed cash shortage in India is creating chaos for jewelry 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 jewelry industry runs mostly on cash, something consumers have a lot less of these days.