Some of the big names in Pune jewellery circle like Ranka and PNG have reportedly said that jewellery sales has taken a dip this Diwali as compared to last year.

Though the revoking of PMLA is a big boon to the industry, delayed rainfall, increase in bullion price, and GST has led Pune jewellers to witness a 30% decrease in sales.

Also the 3% GST on gold and 18% on making charges has had an irredeemable effect on gold prices. This has made gold unaffordable for the middle class, who constitute a majority in India.