Buxar: Jewellery traders, goldsmiths, and artisans in Buxar district have expressed concern over the possible impact of Prime Minister Narendra Modi’s appeal to reduce gold purchases to help strengthen the country’s foreign exchange reserves. Local jewellers fear any decline in gold demand could severely affect employment, small businesses, and families dependent on the jewellery trade.
Raising the issue at a meeting held in Naya Bhojpur on Tuesday, Bihar Swarnkar Samaj Sangh state vice-president Vinod Verma said gold in India was not merely an investment but also an important part of social traditions and household security. “Gold is deeply linked with family traditions and financial security. Any fall in demand directly affects small jewellers, artisans, and craftsmen,” Verma said.
Several jewellery traders in Buxar echoed similar concerns, saying rural and middle-class families still consider gold one of the safest forms of savings during periods of economic uncertainty. According to traders, the jewellery sector supports millions of goldsmiths, polish workers, designers, handicraft families, and small shopkeepers across the country. “Small jewellers survive on daily business. Any fear or confusion in the market impacts us immediately,” said a jewellery trader in Buxar town.
Verma urged the government to adopt a balanced economic approach while addressing concerns related to foreign exchange reserves. He suggested non-essential luxury imports and avoidable expenditure should also be reviewed instead of focusing mainly on the gold sector. “Gold trade is not just a business; it is a source of traditional employment and craftsmanship for millions of families,” he added.
He also demanded relief measures, insurance support, and special assistance packages for artisans and small traders if the sector faces any adverse market impact.
