2023-12-17 12:22:00
The price of gold continues to rise in Coimbatore, with a pound of ornamental gold recently crossing Rs.47 thousand. This increase in price has raised concerns among the local Gold Jewelry Manufacturers Association, as they anticipate the price of gold reaching Rs.50 thousand per pound in the near future.
Muthu Venkat Raman, President of Coimbatore Gold Jewelry Manufacturers Association, expressed his concerns stating that the price of gold is likely to rise in the coming days. He mentioned that during the wedding season, Coimbatore typically trades 200 kg of gold jewelry every day, but currently, only 50 percent of this is taking place.
The increase in gold prices has led to a reduction in the amount of jewelry purchased for auspicious events, including weddings. Large-scale jewelry sales have also declined sharply over the past year, which has raised concerns about the livelihood of the one lakh workers employed in the Coimbatore gold jewelry industry.
The industry has been demanding a reduction in import duty from 11 percent, but it was increased to 15 percent, leading to further concerns. The central government also levies 3 percent GST on gold. The industry is calling for the central government to take action, considering the welfare of the people. They believe that if the import duty is reduced to 5 percent, it could lead to a decrease in the price of gold jewelry, providing relief to consumers.
The rising price of gold is a matter of great concern not only for the Coimbatore gold jewelry industry but also for consumers who purchase gold for auspicious occasions. It remains to be seen whether the central government will take action to address the industry’s concerns and provide relief to consumers.
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