India's Cash Policy Delays Surat Jewelry Fair - Rapaport
RAPAPORT...
Gujarat authorities postponed the annual Sparkle International gem and jewelry exhibition by a month as India’s demonetization policy prevented visitors from attending the show in December.The 9th edition of the fair will now take place in Surat from January 19 to 22, according to the Southern Gujarat Chamber Of Commerce and Industry (SGCCI), the show’s organizer.
“Due to the present scenario in the market, most of the jewelry companies were not available to participate,” Rikin Vyas, manager of trade fairs at the SGCCI, said in a telephone interview with Rapaport News.
The Indian government’s decision to invalidate INR 500 and INR 1,000 currency notes last month has sapped liquidity, hitting cash-focused industries such as the gem and jewelry trade. Smaller, domestic traders and jewelers are among the hardest hit.
Even so, organizers of the Sparkle exposition are expecting turnout to be strong, with about 120 companies attending compared with 90 a year ago, Vyas said.
