Soaring Gold Prices Add To The Woes Of Rajkot Sme Gold Jewellers

Most SME jewellery manufacturers and workers engaged in the gold jewellery business

in Rajkot are facing difficult times due to dwindling demand for the yellow metal in the region. Soaring prices of gold has brought down the sales of several small-scale gold jewellery retail and manufacturing stores in Rajkot.

The steep hike witnessed in gold prices over the last few months has lead to a decline in demand, thereby translating in lower sales and poor margins for SME jewellery manufacturers and exporters in Rajkot, said Vijay Soni, proprietor of Mahabir Jewellers, a Kolkata-based mid-sized jewellery retailer and supplier of kundan jewellery to various parts of the country, including Rajkot.

Around 50,000 jewellery makers in Rajkot, including small-scale gold jewellery retailers and wholesalers, fear that there will be a job-loss situation in the jewellery sector, if the trend of falling gold demand prolongs further.

Given that the demand and sales of gold jewellery has nosedived, small-scale jewellery makers may be compelled to take extreme measures and cut down staff size, said Arvind Biyani, spokesperson of Dwarka Jewellers, a small-sized supplier of coloured gemstones, Gold Jewellery and Diamond Jewellery in Surat.

However, Balvantbhai Badani, president of the Rajkot Gold Dealers Association, has expressed hope that the situation would stabilise. The workers, who would be laid-off on account of less work caused by soaring prices of the commodity,will again get back their jobs when the gold prices come down.

by: David Parks

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