Volatile silver prices hit anklet manufacturers and workers in Salem
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.
- ▪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.
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The volatility in silver bullion prices 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.
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