Lucknow: A group of jewellers in Lucknow held a protest against Prime Minister Narendra Modi’s appeal to defer gold purchases for a year to save foreign exchange amid the West Asia crisis.
Modi on Sunday has also called to avoid foreign vacations and destination weddings abroad, saying such activities involve significant expenditure of foreign currency. He has also urged people to use public transport and reduce edible oil consumption.
Jewellers’ associations in Uttar Pradesh, however, said their businesses will take a big hit if people don’t buy gold for a year and called for relief measures from the government.
“Around 250 jewellers protested in the Aashiyana area of Lucknow on Monday. We are of the view that the prime minister’s remarks will result in an economic crisis for bullion traders and crores of people and workers who are associated with this trade,” UP unit head of All India Jewellers and Goldsmith Association Manish Kumar Verma told PTI.
“After 2-3 days, if there are no relief measures announced for us by the government, if no steps are taken to save (our) trade, then we will be compelled to hand over the keys of our shops to the central government,” said Verma, who is also the president of Lucknow Mahanagar Sarafa Association.
Also ReadModi asking not to buy gold shows Centre’s failed foreign policy: CM Revanth
SP chief targets PM Modi
Reacting to the protest, Samajwadi Party chief Akhilesh Yadav asked how will goldsmiths and traders put their daily needs on hold for a whole year.
“What kind of ‘Amrit Kaal’ is this when the ‘Golden Bird’ lives in fear?” he posted on X.
ये कैसा अमृतकाल है जिसमें सोने की चिड़िया सहमी है।सर्राफ़ा बाज़ार से जुड़े देशभर के करोड़ों कारीगरों से लेकर सुनार, व्यापारी तक, अब क्या अपनी दैनिक ज़रूरतों को एक साल के लिए ताक़ पर रख देंगे या सरकार उनके परिवारों का पेट पालेगी। ये बात बिना-परिवारवाले लोग क्या जानें कि घर कैसे… pic.twitter.com/SCQwdOIo4m— Akhilesh Yadav (@yadavakhilesh) May 11, 2026
Sushil Kumar Jain, general secretary of the Noida Jewellers Welfare Association and president of the Sector-18 Market Association, Noida, said while it is true that national interest is paramount, it is also an undeniable reality that economic activity cannot be brought to a complete standstill for an entire year.
Pitch to monetise gold in households
To address this, the government should collaborate with jewellers and introduce a “gold monetisation scheme to mobilise the gold currently lying idle in households, thereby eliminating the need for gold imports”, he said.
In a statement, he added that “with the aim of transforming India into a manufacturing hub, the government should consider abolishing income tax, retaining only the ‘One Nation, One Tax’ — the GST. Such a measure would not only result in a manifold increase in government revenue, but also eliminate the nation’s dependence on foreign goods.”
He said it was important to consider the sources of income of entrepreneurs, artisans, workers, and all other stakeholders involved in the trade.
“Through careful reconsideration and deliberation, a viable solution is bound to emerge. This sector covers and supports millions of small shopkeepers, goldsmiths, artisans, craftsmen, manufacturers, wholesalers, exporters, refiners, hallmarking centres, designers, transporters, and daily-wage labourers,” Jain said.
“The prevailing negative sentiment in the market could lead to a decline in customer footfall, demand during wedding and festive seasons, and manufacturing orders. This would have a direct and adverse impact on the incomes of the most vulnerable segments within the entire value chain,” he said.
PM Modi’s call to citizens
On Sunday, the prime minister called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, emphasising that the Centre is trying to shield people from the adverse impact of the conflict in West Asia.
“We have to save foreign exchange by any means,” he said, adding that due to the conflict, prices of petrol and fertilisers had increased significantly.
Several opposition parties have criticised the austerity appeal as “evidence of government failure”, but the BJP has countered, saying the appeal was made in the larger national interest in view of a global crisis.
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