Lucknow: Prime Minister Narendra Modi’s appeal to
postpone gold purchases has triggered strong concern among Lucknow’s sarafa
trade, with jewellers, traders and workers staging a peaceful protest at
Powerhouse Crossing in Ashiana on Monday.
The protest was held in
response to the Prime Minister’s remarks, which the local jewellery industry
believes could adversely affect the city’s traditional sarafa market and the
livelihoods connected to it. Members of the association said the appeal had
come at a difficult time, when jewellers were already facing pressure from
rising gold prices, changing consumer behaviour and broader economic
uncertainty.
Traders raised slogans
to express their concern, while police personnel were deployed at the site to
maintain law and order. The protest, however, remained peaceful.
Speaking on behalf of
the trade, Lucknow Sarafa Association president Manish Kumar Varma questioned
the possible impact of the appeal on jewellers and workers. He said that if
people stop buying gold, the effect would not be limited to shop owners alone
but would also reach employees, artisans and other workers connected to the
jewellery ecosystem.
According to trade
estimates, Lucknow has nearly 6,000 sarafa and jewellery establishments that
provide direct and indirect employment to thousands of people. Nearly 30,000
families are directly dependent on the city’s jewellery trade, while more than
one lakh families are indirectly associated through craftsmanship, polishing,
transportation, designing and allied services.
Chowk Sarafa Association
general secretary Vinod Maheshwar also expressed concern over the larger impact
on the sector. He said the jewellery trade supports artisans, craftsmen, polish
workers, traders and small designers, and any weakening of market sentiment
could hurt smaller and medium-sized businesses more sharply than larger
organised players.
He added that if demand
remains weak for a longer period, many small traders may find it difficult to
sustain their businesses, while larger players may continue to dominate the
market.
Several participants
also pointed to the continued strategic importance of gold globally. They said
governments and central banks across the world continue to maintain and
increase gold reserves, which shows that the metal remains an important
financial asset.
The association also submitted a memorandum highlighting the contribution of the sarafa trade to employment generation and local economic activity. It urged policymakers to differentiate between reducing non-essential imports and discouraging a domestic jewellery ecosystem that supports lakhs of workers across the country.
