Volatile silver price hits anklet manufacturers and workers in Salem
The volatility in silver bullion price has significantly impacted silver anklet manufacturers and workers in Salem district, to the extent that many workers have moved
The volatility in silver bullion price has significantly impacted silver anklet manufacturers and workers in Salem district, to the extent that many workers have moved to other jobs in the last six months. Over 1,000 silver anklet manufacturing units functioning in Shevapet, Ponnammapet, Kondalampatti, Maniyanoor, Nethimedu, Fort, Nangavalli, Sivathapuram, Vedukathampatti, Panankadu, Solampallam, Jahir Ammapalayam, and Sooramangalam provide direct and indirect employment to more than 50,000 workers. The price of silver bullion on January 1 this year stood at ₹3.18 lakh a kg and rose to ₹4.05 lakh by the last week of the same month.
It dropped to ₹2.30 lakh per kg in June and in the first week of July it increased to ₹2.60 lakh per kg. Currently, one kg of silver bullion stands at ₹2.38 lakh. The president of Salem Silver Anklet Manufacturers’ Handicraft Welfare Association, C. Sree Anandharajan said that volatile silver prices have affected orders for the last six months. Workers are receiving jobs just two to three times a week.
Many silver anklet workers have shifted to other jobs and are taking up silver anklet work as part-time jobs. The anklet manufacturers are also suffering losses. The small and medium manufacturers, whose family members also work in anklet manufacturing, are the worst hit. Demand for silver anklets has fallen at the retail outlets too, he said. A silver anklet manufacturer at Shevapet, P. Elango, said the market trend was also changing.
Most of the schools instruct girl students not to wear anklets fearing they may lose them while playing. With the changing trends, the demand has fallen sharply in the recent years, he said.
The BriefWire