GST, cash flow issues take glow out of gem, jewellery sales

Sale of gem and jewellery is likely to drop 10-15 per cent in the current financial year due to Goods and Services Tax (GST), high gold price and cash flow issues, according to N Anantha Padmanaban, Chairman, All India Gem and Jewellery Domestic Council. In 2016-17, the sale of gem and jewellery was nearly ₹3.60 lakh crore, which increased to ₹4 lakh crore last year. However, this fiscal, ‘we expe…