Did Jewelers Help The Corrupt Turn Their Black Money Into White?

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2:02 pm 10 Nov, 2016

While the stock markets crashed on November 9, the Gold market sales took a leap upwards as rumor mill started to go on an overdrive with regards to Rs. 500 and Rs.1000 notes.

With the currency notes of these two demonetisations being discontinued from November 9 onward, many cash hoarders rushed to jewelry showrooms so as to convert their cash into precious metals.



Representational Image. Rediff

The move resulted in people from all across India rushing to jewelry stores, especially in Delhi, Mumbai, UP and Uttarakhand where one saw a huge rush with shops remaining open till late night.

In Delhi’s Green Park Extension, one store was even seen open at 11.50pm, with a small queue being seen outside the store, with the store itself looking in no rush to shutting anytime soon.

These jewelers though denied accepting money that had by then been declared illegal the previous day.

There were though few who suggested that many traders sold gold at a higher premium and market rate than the current rate which was of Rs 30,000 per 10gm.


Representational Image. Reuters

Representational Image. Reuters

These reports said that at few stores in Mumbai gold was sold at Rs 37,000 – 38,000 per 10gm, with few other business in the city, even selling gold at a cost of Rs 48,000 per 10gm for a brief period of time.

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