Gold Trade Bodies Express Concern Over PMs Appeal to Avoid Gold PurchasesAabhushan World Editor Vinod Verma Says Millions of Artisans Could Be Affect

Business Bureau, Patna 11may 2026.
Amid ongoing discussions surrounding measures to reduce gold consumption in order to ease pressure on foreign exchange reserves, concerns are being raised within Indias jewellery and traditional goldsmith community regarding the possible impact on employment and small businesses.
Reacting to the issue, Vinod Verma, State Vice President of Swarnkar Samaj and Editor-in-Chief of Aabhushan World, said that Indias gold industry is closely linked with the livelihood of millions of artisans, craftsmen, designers and small traders across the country.
Gold in India is not merely a luxury product or investment asset. It is deeply connected with family traditions, social security and cultural practices. Any decline in consumer confidence in the jewellery sector can directly affect millions of families dependent on this ecosystem, Verma said.
He stated that Indias jewellery sector is one of the countrys largest employment-generating traditional industries, supporting workers in urban, semi-urban and rural areas alike. According to him, policy discussions concerning gold consumption should take into account the ground realities faced by small jewellers and artisans.
Verma further suggested that broader economic measures should also be considered while addressing foreign exchange concerns, including a review of non-essential luxury imports and policies affecting other sectors.
He also expressed concern that uncertainty in the jewellery market during the wedding and festive season could impact business sentiment and consumer behaviour.
According to Verma, members of the Swarnkar community and jewellery trade associations are planning awareness meetings and industry discussions in different districts to highlight the concerns of traditional artisans and small business owners.
Indias gold industry represents not only business and investment, but also heritage, craftsmanship and employment for millions. Any economic policy affecting this sector should be approached with balance and sensitivity, he added.