Amid Prime Minister Narendra Modi's appeal for economic restraint and reduced gold purchases to conserve foreign exchange, jewellers in Punjab have voiced concern over what they described as 'one-sided sacrifice' being expected from ordinary citizens and small traders.
Jewellers' Association Voices Concerns
National president of the Akhil Bharatiya Swarnkar Sangh, Kashmir Singh Rajput, said sentiments in the bullion market had been affected by repeated appeals discouraging gold purchases, though prices had not seen any major decline so far. 'Gold is not merely a luxury item in India; it is social security for ordinary families. Rural women save for years to buy jewellery, and poor families accumulate gold for their daughters' marriages,' Rajput said. He added that any call to reduce gold purchases directly affected small jewellers and artisans dependent on the trade for livelihood.
Questioning Economic Discipline
Questioning whether economic discipline should apply only to the public, Rajput said, 'When people are being advised to make sacrifices, there should also be a review of government expenditure, political convoys, foreign tours, and the growing salaries and allowances of elected representatives.' Rajput also recalled the impact of the 2016 excise duty protests on small jewellers and artisans. 'The voices of small traders are often ignored while large industries receive attention. The same fears are resurfacing today,' he said.
Local Impact and Market Stability
Local jeweller Manga Ram said customer footfall had slowed slightly because of uncertainty and record-high prices, though the bullion market remained stable overall. 'People may postpone purchases temporarily, but in India, demand for gold never disappears completely,' he said. He added that local jewellers and artisans were more vulnerable during prolonged market uncertainty than large brands and corporate chains.
