Even as they endorsed Prime Minister Narendra Modi’s call, bullion traders in Meerut expressed concern that a sustained decline in gold purchases could push thousands of artisans and workers into financial distress.
The concern follows the Prime Minister’s appeal during a public gathering in Hyderabad amid the ongoing West Asia crisis, where he urged citizens to refrain from buying gold for one year in the interest of the nation’s economy.
In response, the Meerut Bullion and Jewellers Association has submitted a memorandum to the Prime Minister seeking immediate government intervention and policy support to protect traders and workers linked to the industry.
Representatives of the trade warned that a sharp fall in gold purchases could severely affect livelihoods dependent on the jewellery business.
Association president Rajkishore Rastogi said the bullion industry has consistently stood with the government during moments of national importance. He cited contributions to the Prime Minister’s Relief Fund and support for the construction of the Ram Mandir, saying jewellers had always fulfilled their responsibilities towards the nation.
Rastogi said more than 50,000 families in Meerut alone depend directly or indirectly on the bullion trade for their livelihood. He added that the jewellery industry contributes nearly 7% to India’s Gross Domestic Product (GDP), making it a vital component of the economy.
He urged the government to formulate a balanced policy that supports national economic goals while safeguarding employment in the sector.
Industry representatives said the impact would be felt most severely by small artisans, polish workers, sales staff, designers and daily wage labourers employed in the jewellery trade.
Ashutosh Agarwal, secretary of an organisation associated with the promotion of micro, small and medium enterprises (MSMEs), said the market had already been struggling with a slowdown for the past three years.
He warned that any further decline in consumer demand for gold could trigger a major economic crisis for thousands of workers and craftsmen. According to traders, customer footfall in jewellery markets could decline by nearly 40% despite the ongoing wedding season, traditionally one of the busiest periods for gold sales.
Business leaders have also sought clarity from the government regarding the scope of the Prime Minister’s appeal. Traders want to know whether the advisory applies only to physical gold purchases or also covers alternative investments and jewellery purchases linked to weddings and other social or cultural occasions.
Joint Trade Committee president Naveen Kumar Agarwal and general secretary Vipul Singhal said a prolonged halt in gold buying would have nationwide repercussions.
“Gold is not merely a business; it is the source of livelihood for crores of people,” they said, urging the government to ensure that economic patriotism does not result in widespread unemployment in the traditional jewellery sector.
Meanwhile, association general secretary Sanjeev Agarwal demanded that hallmarking fees for small jewellery traders be waived for one year to reduce the financial burden on struggling businesses.
Meerut Bullion Traders Association general secretary Vijay Anand Agarwal said the industry respected the Prime Minister’s appeal in the national interest, but stressed that the government must simultaneously introduce relief measures and long-term policies to protect artisans and small traders who form the backbone of the bullion trade.
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