6,000 to lose jobs in Proddatur

Kurnool: Busetty Ram Mohan Rao, vice-president of AP Gold and Diamond Merchants’ Association and president of Proddatur Gold and Diamond Merchants’ Association, said on Friday that about 6,000 people in the unorganised sector in Proddatur town alone are threatened with loss of their jobs as there is a total collapse in the demand for gold post demonetisation.

The Proddatur gold market is the bell weather market in the country and the biggest in South India in terms of volume of trade recorded. On an average, about Rs 5-Rs 6 crore of business is done here over what period of time. It is called the ‘Second Bombay’ in the gold trade.