Lucknow Jewellery Traders Protest Against PM's Call to Postpone Gold Purchases
‘If people stop buying gold, how will we survive?’: Lucknow jewellery traders stage protest
Hindustan Times
Image: Hindustan Times
Jewellery traders in Lucknow, Uttar Pradesh, India, protested against Prime Minister Narendra Modi's suggestion to delay gold purchases to conserve foreign exchange amid the West Asia crisis. They argue that such remarks threaten their livelihoods and the local jewellery industry, which supports thousands of families.
- 01Protest against PM Modi's suggestion to postpone gold purchases.
- 02Traders fear for their livelihoods amid rising gold prices and weak demand.
- 03The jewellery sector in Lucknow employs thousands and supports around 30,000 families.
- 04Concerns that larger players may dominate the market if smaller traders suffer.
- 05Traders emphasize gold's role as a traditional financial safeguard in India.
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Jewellery traders and workers in Lucknow, Uttar Pradesh, staged a protest at Powerhouse crossing in Ashiana in response to Prime Minister Narendra Modi's appeal to postpone gold purchases and foreign travel for one year to conserve foreign exchange during the ongoing West Asia crisis. The Lucknow Sarafa Association expressed concerns that such remarks could severely impact the traditional jewellery trade and the livelihoods of many workers. They highlighted that the city is home to approximately 6,000 jewellery establishments, directly employing thousands, with around 30,000 families relying on the trade. Protesters voiced that gold is not just a luxury but a vital financial safeguard for households, especially during economic uncertainty. Association president Manish Kumar Varma questioned how jewellers and their employees would survive if public sentiment shifted against gold purchases. Additionally, they argued that larger organized players might benefit while smaller traders struggle. The protesters submitted a memorandum to policymakers, urging them to recognize the importance of the sarafa trade in supporting local economies and employment.
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The protest highlights the potential economic ramifications for thousands of families reliant on the jewellery trade in Lucknow. If gold purchases decline, many small traders could face financial difficulties, leading to job losses and economic instability in the sector.
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