1. Positive effect - The major factors on which inflation rate are dependent-Food/Energy, jewelry, petrol, cement, etc. So, accordingly the price of jewelry is directly proportional to the inflation rate. If inflation rate increases from 11% to 20% accordingly the rates of jewelry also increases. It will be beneficial for jewelers and jewelry dealers. Because prices of jewelry will get increased.

2. Negative effect As the inflation rate increases accordingly the prices of essential commodities also increases. So, from jewelers point of view manufacturing cost is directly proportional the inflation rate. The manufacturing cost consists of designer cost/salary, labor cost , material cost, etc. will also get increased as inflation rate increases. So, jewelers have to pay more for jewelry creation and supply.