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Demonetisation: As Indian tourists stay home, Dubai's gold trade suffers

Costly cell phones, laptops and cameras are the other items on an Indian tourist's shopping list

Photo: Reuters
Gold jewellery. Photo: Reuters

Demonetisation's impact has travelled all the way to Dubai as Indian tourists are avoiding foreign tours since November. Among popular destinations, Dubai has been one of the easiest, nearest and cheapest. The immediate casualty has been gold demand in Dubai by Indian tourists. Dubai’s famous Gold Souq, a prime market for the yellow metal and similar to India's Zaveri Bazar in Mumbai or Manek Chok in Ahmedabad, which houses many prominent wholesale and retail jewellers, has seen a plunge in gold jewellery demand from Indian tourists.  Buying jewellery from ...