Summary:
Jewellers in Ahmedabad are hopeful about an uptick in business after Rathyatra as past two months have been of unusual slowdown. High taxes and credit restrictions following Nirav Modi scam has aggravated the slowdown. This year, the business was lower by about 40% even by off season standards," said Jigar Soni, vice-president of Ahmedabad Jewellers Association. They say that the overall slowdown of the economy has affected sales of jewellry. Other factors that have contributed to the slowdown include high import duty on gold as well as credit restrictions after Rs14,000 crore scam by diamond trader Nirav Modi..