Coimbatore jewellery biz suffers about Rs5k cr loss in 15 days

Demonetisation of high value notes has resulted in production loss of Rs 450 crore for jewellery makers and cancellation of orders worth about Rs 4,500 crore in last 15 days in the city, Coimbatore Jewellery Manufacturers Association (CJMA) claimed today.
"The sudden announcement on the night of November 8 has resulted in total paralysis of jewellery business and over 55,000 goldsmiths, depending on this, were rendered jobless," CJMA president Muthuvenkataraman said.
In a memorandum submitted to the District Collector, he said business has almost come to a standstill in the city, which is considered as a major gold ornament design and business hub.

The ornaments were stockpiled without normal sales as there was no circulation of money, resulting in production loss to manufacturers worth Rs 450 crore, he said adding that dealers had also cancelled the orders worth over Rs 4,500 crore.
Considering the grim situation and survival of gold business and goldsmiths, the association sought immediate intervention of the district administration to prevail on the Centre to take steps to release the currencies in circulation in place of banned notes, Muthuvenkataraman said.