Rajkot gold jewellery makers fear job loss as prices soar
Vimukt Dave / Mumbai/ Rajkot Nov 13, 2009, 00:26 IST
Thousands of workers involved in making of gold jewellery in Rajkot are facing tough times due to rising price levels of the yellow metal. Around 50,000 jewellery makers in the city are fearing job loss as demand for gold jewellery has nosedived.
Rajkot is known for specially design gold jewellery and job works including imitation items.
Few years ago, the city used to house one lakh gold jewellery makers. "Consumers are now buying pure gold. The demand for gold jewellery has come down following soaring prices of the commodity. As a result, gold jewellery wokers have no work at present. However, the workers will get work the prices are stabilised. The job loss is temporary,” said Balvantbhai Badani, president, Rajkot Gold Dealers Association.
Gold price in Rajkot on Thursdays reached to Rs. 17,100 per ten gram, alomst Rs.1,000 higher as compared to last month.
“Liquidity in gold market has come to a standstill. No new business is there in the market as gold price has touched an all time high level. This has affected many of the workers,” said Dilipbhai Ranpara, president, Rajkot Soni Samaj.
As per the industry estimates, gold jewellery workers earn Rs.15,000 to Rs. 30,000 per month in a normal season but their earnings have reduced currently.
Rajkot is witnessing a turnnover of 15 to 20 kg gold now, which is 30 to 40 percent lower than normal working season.
Thanks for the information, we will add this story to our blog, as we have an audience in the gold industry that loves reading like this.
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Gold
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