UP Jewellers Defy Modi's Gold Purchase Appeal

The jewellers in Lucknow, Uttar Pradesh, staged a protest against Prime Minister Narendra Modi's appeal to postpone gold purchases for a year to conserve foreign exchange due to the West Asia crisis. Modi also urged citizens to avoid foreign vacations, use public transport, and reduce edible oil consumption. The jewellers argued that this would cause significant economic hardship for them and their employees, totaling crores of people. They demanded government relief measures, threatening to shut down their shops if none were provided.

Reacting to the protest, Samajwadi Party chief Akhilesh Yadav questioned how goldsmiths and traders could put their daily needs on hold for a year. Meanwhile, jeweller Sushil Kumar Jain suggested a gold monetisation scheme and abolition of income tax (except GST) to boost domestic manufacturing and reduce dependence on foreign goods. He warned that the current negative market sentiment could lead to decreased customer footfall, demand during wedding and festive seasons, and manufacturing orders, adversely affecting the incomes of vulnerable segments in the gold trade value chain.