Gold bullion dealers to shut shops

Coimbatore: Gold bullion dealers in the city have decided to shut shops from July 21 to July 27, as a precautionary measure to prevent the spread of Covid-19.
Representatives of the Gold Bullion Association said they wanted to ensure the safety of their members, workers and their families, and also to relieve stress associated with working in a restricted environment.
“There are 100 gold bullion dealers in the city in areas such as Raja Street, Big Bazaar Street and Karuppa Gounder Street. There are around 300 workers. On normal days, we see a turnover of Rs 50crore and in peak days Rs 100 crore,” said N Sathyamoorthy, a former committee member of the association.
“We buy gold from the government through dealers and sell it. Those in the sector purchase pure gold from us and convert it to 22 carat gold to make jewellery,” he added.TNN