After the decision of the central bank to stop the 2000 note, now people are taking it out of their homes. The result is that people across the country are buying gold at a cost of 10-15 per cent.
Due to the current market conditions, gold which normally costs Rs 60,000 per 10 grams is being sold at a higher rate of Rs 65,000 to Rs 70,000. This situation has been observed in various cities including Gujarat, Mumbai and Kolkata.
Based on the statements of jewelers associations, there has been a decline in the actual purchase of gold with Rs 2,000 notes in the last two days due to Know Your Customer (KYC). However, some jewelers are still charging 10-15 per cent more for buying gold with these notes. Saurabh Gadgil, chairman, PNG Jewellers, said that this work is mainly seen among traders in the unorganized sector, as traders in the organized sector cannot do this.
Customer inquiries are very fast
According to Saiyam Mehra, chairman of the All India Gems and Jewelery Domestic Council, there has been a significant increase in inquiries to buy gold or silver using the Rs 2,000 note. As a result, there was a rush of customers at the showroom on Saturday. However, strict Know Your Customer (KYC) norms have curtailed actual purchases.
no effect on business
Traders say that the trend of customers in the jewelery business is now more towards digital. Consequently, he believes that the withdrawal of Rs 2,000 notes will have little or no impact on the industry. This shift towards digital modes of payment indicates that customers are adopting alternative payment methods and are not dependent on cash transactions involving Rs 2,000 notes.