Dehradun: Jewellers in Dehradun held a candlelight march on Thursday to protest against Prime Minister Narendra Modi's advisory urging citizens to refrain from buying gold for at least a year. The protesters claimed the directive would severely impact the livelihoods of traders, artisans, and manufacturers dependent on the industry.
Impact on Livelihoods
“The economy of the country is important, so is the livelihood of its citizens. Not only traders and customers but lakhs of artisans will be affected. How will their families survive? As bullion traders, we make valuable contributions to the country’s GDP. The government should try to understand our plight and adopt alternative, favourable measures,” said Gurjeet Singh, general secretary of the Jewellers Association of Uttaranchal.
Criticism of Import Duty Hike
The protesters criticized the recent hike in gold import duty from 6% to 15%, calling the move unfair. They warned that restrictions on legitimate sales could encourage smuggling. The jewellers demanded a reduction in import duty to 5% and urged the government to lower GST on labour charges to 1%.
Panic Buying Amid Advisory
Jewellers claimed that customers were engaging in panic buying despite the advisory. “So far, the PM’s remarks have not had a major impact on our business. In fact, customers are in panic buying mode. For Indians, gold is not just a transaction, it is a part of culture. With the holy month of Malmas starting Sunday, this is the peak buying season,” said Sunil Masson, president of the association’s Dehradun unit.
Call for Export Growth
There are around 4,000 authorised jewellers in Uttarakhand, with more than 1,000 operating in Dehradun. “Instead of boycotting purchases, we should be strengthening our exports so that the imported gold subsequently strengthens the economy. The current export policies are complex and the focus should be on fostering export growth,” said another protester.
