160 kg of gold jewellery worth Rs. 75 crore mortgaged and sold in Coimbatore district in the last 45 days due to Covid impact
Coimbatore: Apart from its globally renowned textile industry, Coimbatore is also reputed for its gold jewellery. Before the spread of Covid-19, an average of 200 kg of gold worth about Rs. 100 crore was traded daily in Coimbatore district. The lockdown was clamped on the district since May 10 to avoid further spread of the disease. In the last 45 days, people affected by deep financial crises have mortgaged and sold their gold jewellery.
Coimbatore Gold Jewellers Association President, Muthu Venkatram said, 'During the lockdown in Coimbatore district from May 10 to June 25 alone, more than Rs. 75 crore worth of 160 kg gold jewellery was mortgaged and sold. Sales have also been severely impacted with daily sales being hit hard following the first wave of the epidemic. By the time sales recovered, the second wave of Covid-19 had already severely impacted the industry. As a result, the livelihood of more than one lakh employees in the industry in Coimbatore district has been severely affected. Following the current Government relaxations, we have consulted with all the members of the Association online and advised them to follow the guidelines announced by the Government.'
'Today we are launching jewellery production. However, jewellery sales will only start from next week. After recovering from the financial crisis, people will start recovering the gold jewellerythey have mortgaged. Apart from that, people who have been selling jewellery due to the crisis will start showing interest in buying new jewellery. So we hope that the coming days will be a good time to help everyone recover from the crisis,' he added.