A cluster project for goldsmiths in the micro sector in Coimbatore, which was initiated more than five years ago, recently got Central government’s approval.
SM Kamala Hasan, one of the directors of Coimbatore Goldsmith Council, told The Hindu on Thursday that the Central government approved the ₹15.30 crores project about a week ago. “We will offer 20 different services to gem and jewellery sector at the common facility that will be set up in Coimbatore,” he said.
The Council, which is a private not for profit company formed in 2018, has 60 members and it has purchased land and constructed a building at ₹2 crore. The State government will provide 10 % of the project cost as subsidy for specific infrastructure works and the Centre will provide the remaining amount for purchase of machinery.
“The State government is the implementing agency for the project and we expect it to release the required funds within a month. The pace at which the project will move forward depends on the State government,” he said.
Since the project involves subsidy from the Central and State governments, the approval process took time and was scrutinised at multiple levels, he said.
The Council will also sign a Memorandum of Understanding with the Tamil Nadu government at the Global Investors Meet to be held in Chennai next month. The Council will make ₹70 crore investment and this project will benefit nearly 6,000 micro units in the gem and jewellery sector, he added.
The services to be offered includes certificate courses, testing, etc.
With gold prices going up, the jewellery sector is seeing good demand. The project will benefit nearly 50,000 goldsmiths and workers in Coimbatore, Mr. Hasan said.
Published - December 28, 2023 02:41 pm IST
