Protest Held in Lucknow Over Call to Postpone Gold Shopping

A group of jewellers in Lucknow staged a protest against Narendra Modi’s appeal urging citizens to postpone gold purchases for a year in order to conserve foreign exchange amid the ongoing West Asia crisis.

In his remarks on Sunday, Modi had also advised people to avoid foreign vacations and destination weddings abroad, noting that such activities involve substantial outflow of foreign currency. He further encouraged greater use of public transport and reduction in edible oil consumption as part of broader economic conservation efforts.

The Prime Minister’s comments triggered concern among traders and jewellery businesses, particularly in Uttar Pradesh, where several jewellers’ associations warned that a prolonged decline in gold purchases could severely affect the industry.

Representatives of the jewellery trade said gold buying plays a crucial role in sustaining thousands of small and medium businesses, artisans, and workers linked to the sector.

Protesting traders argued that a year-long reduction in consumer demand could lead to major financial losses, especially during festival and wedding seasons, which traditionally drive jewellery sales across India.

Jewellers’ associations also called on the government to consider relief measures and support mechanisms if the advisory significantly impacts business activity.

The appeal from the Prime Minister has already influenced market sentiment, with several jewellery-related stocks witnessing sharp declines earlier in the day amid fears of weaker consumer demand.