Thousands of livelihoods at stake: Meerut bullion traders seek relief after PM's appeal

Meerut Bullion Traders Association general secretary Vijay Anand Agarwal stated the industry respects the PM's appeal but urged the government to introduce relief measures and long-term policies to protect artisans and small traders who form the backbone of the bullion trade.

Sanjeev Agarwal demanded that hallmarking fees for small jewellery traders be waived for one year to reduce the financial burden on struggling businesses.

Joint Trade Committee president Naveen Kumar Agarwal and general secretary Vipul Singhal warned that a prolonged halt in gold buying would have nationwide repercussions and noted that gold is a livelihood for crores of people.

Industry leaders sought clarity on whether the advisory applies only to physical gold purchases or also covers alternative investments and jewellery linked to weddings and other social or cultural occasions.

Traders said customer footfall could fall by nearly 40% despite the ongoing wedding season, traditionally a peak period for gold sales.

Ashutosh Agarwal, secretary of an MSME-promotion organisation, stated the market has been slow for the past three years and warned that further decline in demand could trigger an economic crisis for thousands of workers.

Association president Rajkishore Rastogi said more than 50,000 families in Meerut depend directly or indirectly on the bullion trade; he claimed the jewellery industry contributes about 7% to India's GDP and urged a balanced policy to safeguard employment.

The Meerut Bullion and Jewellers Association submitted a memorandum to the Prime Minister requesting immediate government intervention and policy support to protect traders and workers linked to the bullion and jewellery sector.

Prime Minister Narendra Modi, speaking at a public gathering in Hyderabad amid the West Asia crisis, urged citizens to refrain from buying gold for one year to support the nation's economy.