Wednesday 25th, April 2018
canara news

PNB fraud fallout: Survey shows drop in diamond demand

Published On : 17 Mar 2018


New Delhi, (IANS) The Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi seems to have shaken the confidence of diamond jewellery buyers, especially from the unorganised jewellers, over concerns on the purity of the precious jewellery, resulting in a drop in business, according to a survey released here on Friday.

The survey conducted by industry chamber Assocham said while the well-known branded jewellery makers issue certificates of purity, the bulk of the trade is still concentrated in the unorganised market, based on mutual faith between consumers and jewellers.

The demand for diamond jewellery seems to have decreased by 10-15 percent within two months, Assocham said.

The survey covered 350 jewellery-makers based in Delhi-NCR, Mumbai, Ahmedabad, Chennai, Kolkata, Hyderabad, Chennai, Bengaluru, Chandigarh and Dehradun. Assocham said it had also interacted with about 500 working and non-working women in Ahmedabad, Bengaluru, Chennai, Delhi-NCR and Mumbai to gauge their shopping habits.

The survey done in major cities, also found that 65 per cent of the jewellers in the unorganised market, (barring the big time corporates and big brand companies) are shifting to traditional pure play gold and silver ornaments over diamond jewellery as consumers face a crisis of confidence in the purity of the precious stone.







More News

Nazara Technologies gets Sebi's go-ahead for IPO
Nazara Technologies gets Sebi's go-ahead for IPO
Rajan named by FT as possible candidate for Bank of England top job
Rajan named by FT as possible candidate for Bank of England top job
RBI circular barring banking service for crypto-currencies challenged in HC
RBI circular barring banking service for crypto-currencies challenged in HC

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.