'What you are seeing here is a complete mirror image of the crash in gold sales within India since November 8, when demonetisation was announced,' said Cyriac Varghese, General Manager of Sky Jewellery. A good year sees nearly 15 to 20 per cent of the market's sales in the Indian currency - but that has taken a major hit this year. For the single-store operators in the gold market, Prime Minister Narendra Modi's notes ban has brought bad news. Dubai's famous Gold Souq, a prime market for gold, has been witnessing almost a complete absence of visitors from India due to the November 8 currency ban, according to a report by Gulf News.
