Following the demonetisation of currency, gold jewellery manufacturers in our city have petitioned the district collector stating that they are out of work. The petition stated that several thousand people who are involved in making gold ornaments in the city are currently out of work.
In the petition they have stated that Coimbatore stands third in production of gold jewellery in India. There are about one lakh people who are into jewellery manufacturing. On the eight of this month the Central Government made an announcement, demonetising high denomination currencies of Rs.500 and Rs.1,000. Following this, the work orders of the traders of the gold jewels have stopped. Sale of jewellery is also impacted.
The petitioners also stated that this has resulted in fifty-five thousand families who are involved in the trade of making and selling jewellery, jobless in our city. This will create a great vacuum in the business community.
In the petition they have stated that Coimbatore stands third in production of gold jewellery in India. There are about one lakh people who are into jewellery manufacturing. On the eight of this month the Central Government made an announcement, demonetising high denomination currencies of Rs.500 and Rs.1,000. Following this, the work orders of the traders of the gold jewels have stopped. Sale of jewellery is also impacted.
The petitioners also stated that this has resulted in fifty-five thousand families who are involved in the trade of making and selling jewellery, jobless in our city. This will create a great vacuum in the business community.