DYK This City in Andhra Pradesh Is Known as South India’s Gold Capital?

South India’s Gold Capital: Proddatur has a gold business history of 150 years. Twenty local traders started this trade. More gold traders and goldsmiths joined the town. Goldsmiths in Proddatur learned strong skills. They became experts in making gold jewelry. Buyers from Andhra Pradesh, Karnataka and Tamil Nadu come here for gold.

South India’s Gold Capital:
In 1960, the government introduced the Gold Control Act. This law required traders to get licenses to sell gold. Traders in Kadapa, Chittoor, Anantapur and Kurnool ran shops without licenses. Proddatur was different. Licensed shops operated in the town. Traders from other towns started buying gold from Proddatur. They took gold back and sold it in their areas.

The government sold gold through tenders. Traders in Proddatur won most of the tenders. They secured nearly 90 percent of the gold. Proddatur became famous across India. The town got a new name—City of Gold.

The gold market in Proddatur grew. Earlier, shops were present only in Main Bazaar. Now, shops and work centers spread across ten streets. Proddatur has more than 1600 gold shops. Over 1500 workshops run daily. Around 5000 goldsmiths depend on this work.

Proddatur handles gold sales like major cities. Mumbai, Bengaluru and Chennai match its scale. Local traders care about quality. Customers believe in Proddatur’s jewelry.

Goldsmiths from Rayalaseema and Nellore moved to Proddatur. Earlier, they worked without machines. Still, their jewelry earned a strong reputation. Bengali goldsmiths also moved to the town. They brought their own skills. Proddatur goldsmiths create jewelry in any design a customer wants.

During marriage seasons, festivals and Akshaya Tritiya, the town glows. Customers flood the gold market. Shops follow the same gold price across the town. Online prices set the daily rate. This helps buyers trust the market. Proddatur became famous for fair prices. The town earned the name City of Gold.So Proddatur is considered as next Mumbai for gold sales.

Also Read: CCI Fines UFO Moviez Associates Rs 2 Crore for Illegal Market Practices