Volatile silver price hits anklet manufacturers and workers in Salem
Silver anklet manufacturers in Salem, India, are facing significant financial hardship due to extreme price volatility in the silver market. Many workers have left the industry, and demand has declined due to changing fashion trends and school policies.
Why it matters
It illustrates the vulnerability of traditional handicraft sectors to global commodity price fluctuations and shifting consumer behavior.
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.
Silver anklets: Tinkling jewels that make Salem shine
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