Lucknow Jeweller Takes His Life Amid Financial Strain from Gold Price Surge
A prominent jeweller in Lucknow died by suicide on Thursday. The incident occurred in the Saadatganj area, sending shockwaves through the local business community.
Police identified the deceased as Manoj Agarwal. Family members discovered his body hanging in the courtyard of his Chowpatty residence on Thursday night.
Financial Pressure from Precious Metal Volatility
Investigations reveal Agarwal operated a jewellery store in Kundan market near Hari Masjid. Fellow traders and the Chowk sarraafa association report he faced immense mental pressure.
The association explains Agarwal accepted substantial orders during the off-season. At that time, gold and silver prices remained significantly lower. He locked in these rates for future delivery.
However, the recent sharp surge in precious metal prices created a crisis. With the wedding season approaching, Agarwal needed to fulfil these commitments at the previously agreed lower rates. This situation reportedly made the orders financially untenable.
Association Points Finger at Market Conditions
General secretary of the Chowk sarraafa association, Vinod Maheshwari, directly attributes the death to market volatility. He states traders in multiple cities face similar pressures.
"Traders in Rajkot, Agra, Kanpur and Lucknow stand on the verge of ruin due to current price hikes," Maheshwari said. "We urge the government of India to de-link gold and silver from commodities futures trading. This action could prevent such tragedies."
Authorities confirm no suicide note was found at the scene. The Saadatganj police took custody of the body after neighbours alerted them upon hearing family cries.
Police Investigation and Post-Mortem
Inspector Santosh Arya of Saadatganj police station provided details about the procedural steps. Police sent the body for a post-mortem examination following standard protocol.
"We handed over the body to the family after completing the autopsy," Inspector Arya confirmed. "Our investigation continues from all angles. Further legal action will depend on the formal complaint filed by the family."
The tragic incident highlights the severe impact of commodity price fluctuations on small and medium businesses. Many jewellers operate on thin margins and fixed-price contracts, leaving them vulnerable to sudden market shifts.
Local business communities express growing concern about similar vulnerabilities. They call for greater stability in precious metals pricing to protect traders from catastrophic financial exposure.
