500,000 workers lose jobs as jewellers curb gold imports

The government’s move to tighten the screws on gold imports, and the decision by major jewellers such as Tata Group's Tanishq, TBZ, Geetanjali Jems and others to curb gold sales, have caused some collateral damage: a cloud over the future of industry workers, Hindustan Times reported.

According to industry estimates, as many as 500,000 artisans, craftsmen and salesmen have lost their jobs since June. And if the trend continues, thousands more may join their ranks. “Over 50% of the workforce (approximately a million workers) could lose their jobs if the government’s decision to discourage import continues,” said Ashok Minawala of the All India Gems and Jewellery Trade Federation.

Read the full report here