Kerala News

Jewellery biz takes a leap into digital world

After the demonetisation drive, digital transactions have seen a big jump in jewellery shops in Kozhikode - 80 per cent of the total transactions.

Published: 05th December 2016 12:55 AM  |   Last Updated: 05th December 2016 02:54 AM   |  A+A-

Express News Service

KOZHIKODE: After the demonetisation drive, digital transactions have seen a big jump in jewellery shops in Kozhikode - 80 per cent of the total transactions. Before demonetisation, digital transactions accounted for just five per cent of the total sale. Kozhikode has nearly 85 jewellery shops and 70 per cent of them have installed swiping machines.

 An employee uses the swiping machine
at a jewellery store in Kozhikode  | A sanesh

The overall sales have seen a 50 per cent dip in the last 10 days, but over 90 per cent of the customers are using various digital cash transaction methods to buy gold.
“Now, a majority of the customers are using credit/debit cards,” said Malabar Gold and Diamonds director Shakir Hussain. “Money transactions through debit/credit cards and cheque, which earlier accounted for only 10 per cent of the transaction, have increased to 90 per cent,” said Chemmanur International Jewellers manager Gopala Krishnan E T. “The sales have fallen after demonetisation. But customers are using debit/credit cards,” said Joyalukkas Jewellery manager Sreejesh T. “The government has waived off service charge on payment through debit cards and it is good for customers,” said Shakir.

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