Scrapping high-value currency notes is the last straw for jewellery firms

This year has been a washout for jewellery companies due to a sharp increase in the price of gold and a number of measures taken by the government to disgorge black money. Scrapping high-value currency notes was the last straw.    Intraday Trading Tips

The decline set in this February, when people stayed away from buying gold on expectation of a duty cut. The Budgetimposed an excise duty on gold jewellery and this was followed by a 42-day strike by jewellers that crippled demand. The government also toughened the requirement for disclosing PAN numbers when buying jewellery worth more than Rs 2 lakh. 

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