24, May 2023
Quote by Mr. Pawan Gupta, Director, PP Jewellers by Pawan Gupta on ₹2,000 note withdrawal impact on the Jewellery sector
“After the withdrawal of the ₹2,000 notes, we have observed a notable increase in inquiries for gold and silver jewelry. However, what is particularly striking is that people are not panicking as they did during the previous demonetization period. This time, there seems to be a more measured response, with individuals actively seeking out alternative investment options and taking proactive steps to secure their wealth.” Mr. Pawan Gupta, Director, PP Jewellers by Pawan Gupta
The increase in inquiries for gold and silver jewelry has been significant, with a noticeable rise of approximately 15-20% compared to previous periods. We are receiving more cash as compared to online transactions.
“The fact that people are actively inquiring about gold and silver jewelry indicates their preference for tangible assets and their confidence in the long-term value of these metals. Gold and silver have historically been regarded as safe haven investments during uncertain times, and individuals are now recognizing their potential as a reliable store of value. We have been able to provide valuable information and guidance to customers, assisting them in making informed decisions about their investments. We have also expanded our inventory to accommodate the growing demand for gold and silver jewelry.” added Mr. Gupta.
Overall, the current response to the withdrawal of the ₹2,000 notes has been more measured and focused on securing wealth through alternative investments like gold and silver. This increased interest is reflected in the significant rise in inquiries, indicating a shift in consumer behavior and a recognition of the value and stability offered by precious metals. Mr. Pawan Gupta, Director, PP Jewellers by Pawan Gupta.