The gems and jewellery industry feels the government should have in place alternative measures to ensure supply of gold for the industry.

Short supply

“The government has asked banks to totally stop or restrict supply of gold. And, as a result, there is a huge short supply of gold in the market. This has resulted in premiums on gold rates — Rs.150-300 per 10 gram,’’ Nitin Kadam, Regional Chairman-Mumbai, All India Gems & Jewellery Trade Federation (AIGJTF), told a press conference here on Friday.

“Uncertainty of supply of gold in the supply chain is rendering many artisans jobless and this will create a widespread resentment,’’ Mr. Kadam said.

Mr. Kadam said that next week, representatives of the federation would meet the finance and commerce ministers to find a solution to the issues faced by the industry.

More In: Industry | Business