Demonetization hits goldsmiths with 75 percent loss in salary
Posted on: 29/Nov/2016 11:25:47 AM
Dip in gold sales continues on and on and goldsmiths are to bear with over 75 percent loss in income.
The Prime Minister Narendra Modi announced demonetization of Rs 500 and Rs 1000 notes on 8th November. Following this, people all over are getting their old rupee notes exchanged at banks. The chaos caused by demonetization has still not settled. People are trying to cope with the money they have in hand to meet their daily needs. There is a large dip in gold sales and not much people are seen at entertainment hangouts like theatres, malls, etc.
Among the business that had got hit due to the issue is gold sale. Mumbai, Coimbatore, Bengaluru, Kolkata, and six more places in India have got exclusive gold designing factories. They source gold as bullions or coins and manufacture designer jewelries. Apart from this, there are other small scale goldsmiths as well. Lakhs of individuals are involved in the job. As gold sales is badly hit due to demonetization, these goldsmiths are cornered with no other option than to bear with more than 75 percent loss in income.
Speaking about this, the Secretary of Madras Jewellers and Diamond Merchants’ Association S. Shantha Kumar said people are completely avoiding purchase of gold due to the issue of demonetization. Hence, the gold ornaments are piled up at stores and there is no need for designing new ones at the moment.
