PM’s Gold Appeal Sparks Anxiety Among MP Jewellers; 6,000 Jewellery Shops Operate Across MP, 450 In Bhopal
· Free Press Journal
Bhopal (Madhya Pradesh): Prime Minister Narendra Modi’s appeal to refrain from buying gold for one year has triggered panic among around 50,000 people associated with the jewellery sector in Madhya Pradesh.
Visit biznow.biz for more information.
The market is largely driven by single-owner operations, accounting for over 95% of businesses, with the highest concentration of stores in Indore, Jabalpur and Bhopal.
Modi urged people to refrain from buying gold for one year, particularly for weddings, to conserve foreign exchange amid economic pressure caused by rising global energy costs and tensions in West Asia.
Santosh Saraf, state general secretary of the Jewellery Development Welfare Association-Madhya Pradesh (JDWA-MP), said thousands of people depended on the sector for their livelihood.
“Around 50,000 people are associated with the jewellery sector in the state. Of these, 6,000 are store owners, 25,000 are staffers and 12,000 are makers. Others are involved in polishing jewellery, hallmark-related work and other petty jobs,” said Saraf.
“It is an off-season as there are no buyers due to high prices. Silver costs Rs2.5 lakh per kg and gold costs Rs1.5 lakh per 10 gm. Even during the off-season, the turnover is around Rs100 crore,” he added.
Speaking on similar lines, Sushil Dhanwani of Anmol Jewellers, Bhopal, said, “We have makers and staff working with jewellery shops. Around 350 Bengali jewellery makers in Bhopal are associated with Sarafa Bazar. On average, there are three to five employees per shop, including sales staff, managers and in-house artisans or goldsmiths. Larger organised retail chains also exist alongside smaller family-run shops.”
Madhur Agrawal of Bhopal Jewellers said, “There are 450 jewellery shops in Bhopal. On average, three to five staff members work in each shop. Madhya Pradesh is not a design hub as we depend on Delhi, Mumbai and Kolkata for designs. But we have makers and other staff.”
Body Of Differently Abled Man Found In Hathaikheda Dam, Bhopal; Kin Allege Foul Play