Editor’s Note
**Editor’s Note:** This article highlights the concerns of Jaipur bullion traders over Prime Minister Modi’s appeal to avoid gold purchases for a year, warning of potential job losses and urging alternative approaches.
Traders expressed concern that if the Prime Minister’s appeal takes effect, the livelihoods of millions of people could be affected. They advised adopting alternative methods.
Jaipur: Bullion traders in the state capital expressed concern over Prime Minister Narendra Modi’s appeal to citizens to refrain from buying gold for one year. Traders stated that if such an appeal is implemented or widely followed by the public, the entire trade related to gold and silver could be impacted. This would create a crisis for the employment of millions of people.
— Gajendra Lunival, Jewelry Exporter
Kailash Mittal, President of the Jaipur Bullion Traders Committee, said that there is a craze for gold in India. Anyone with a wedding in their family will definitely buy gold. The government should rein in investors who buy gold as dead money. This would reduce gold imports. Mittal stated that very little gold is purchased in the country in the form of jewelry. If the government is considering this step to increase foreign exchange reserves, then other economic alternatives should be considered. The wedding season is about to start in the coming months. If gold purchases are affected during this time, it will directly impact market demand.
Rajesh Atre, a craftsman who makes gold and silver jewelry, said that if the PM’s appeal regarding gold is followed, millions of craftsmen, goldsmiths, designers, and small shopkeepers associated with this trade would become unemployed. The gold and silver business is not just a trade but also a major employment sector. Many families’ livelihoods are linked to it. Due to the recent assembly elections, a large number of laborers had gone to West Bengal and have not yet returned. In such a situation, the PM’s appeal could create doubts in the minds of laborers. Traders urged the government to consult trade organizations and experts before any major economic decision, so that employment and traditions are not adversely affected along with the country’s economy.
