The recession mania has been swamping through the entire world and though the effect is said to be relatively less in India, our people have their own ways of handling it. Apparently, the gold prices have been shooting up like sheer madness and obviously the sales have gone down.
Due to the high Gold rate, no one is going to the jewelers and this is mainly the middle and higher middle classes. Instead, they have now taken to the imitation jewellery and it is said that huge stocks are being got from Jaipur and places like Gwalior and they also have a similar weight to give that feel.
Those who are using it say it is of good quality. While the original gold ornament is around 16k, the same model in imitation jewelry is available at 4k and the seller is said to be making a straight 100% profit. This has become more of a family business and they have been setting up stalls in apartment since it is the festival season. The imitation jewellery business is said to be running at the tune of lakhs right now. Many software ladies those lost jobs in recession have stepped into this business and seeing 4-5 times of income when compared to their previous salaries.
