8 lakh artisans unemployed, exports fall in Modi’s Gujarat, CM Rupaini failed

Even in the days of Diwali, gold and silver and diamond artisans are sitting on the brink of a downturn under the blessings of the central government. This has greatly impacted Ahmedabad jewelers and millions of gold and silver and diamond artisans. Due to the ever-rising price of gold, gharakis have dropped drastically. Gold, silver, diamonds, jewelery business in Gujarat, the home of Prime Minister Narendra Modi, are facing a collapse and 8 lakh artisans-people are facing unemployment during Diwali days.

On this, the president of the Jewelers Association of Ahmedabad believes, “At present, about eight lakh artisans in the state have become unemployed due to this condition. Among these craftsmen, specialists from Rajasthani, Jagannathpuri-Orissa artisans of silver carving and Bengali craftsmen of gold-mine and rhodium have also become useless. ‘

Imports and exports also declined due to inflation in gold

For global and domestic reasons, the price of gold has increased by 36% shortly, while the long-term price rise has caused the jewelry market to deteriorate due to the 12% rise in inflation. Large amounts of gold are purchased in the capitals each year, however this time there is no shortage of large purchases in the capitals. Besides, about 5% of the jewelry is exported every year from Gujarat to countries including the US, which has also affected the recession and high prices this year. For these reasons exports accounted for only fifteen percent. According to Gems and Jewelery Export Promotional Council – GJEPC data, total exports of gems and jewelery from India fell 7 percent to $ 12.4 billion in the six months period from April to August, compared to $ 13.4 billion worth of gems-jewelery from the same period last year. According to GJEPC data, the total imports of rough diamonds in the country during April-September declined by 25 per cent year-on-year to $ 5.4 billion and imports of gold pulses fell 6.7 per cent to $ 3.4 billion.

This is why Prime Minister Narendra Modi has not been successful. Even Gujarat Chief Minister Vijay Rupani is not successful.

Eight thousand showrooms of gold and silver in Ahmedabad

Talking about the jewelery industry in Ahmedabad, there are around 8000 gold and silver showrooms in Ahmedabad alone, most of which are located in West Ahmedabad and Maninagar. The government has decided to change the rules on the purchase of gold, which is likely to adversely affect the jewelery industry. However, the government’s decision will benefit consumers. The government’s decision will require a hallmark of gold jewelry across the country, which has already been approved by the commerce ministry and a circular will be announced shortly, but WTO approval will be sought on this. However, the WTO has some technical issues on this which will be resolved shortly. Gujarat Chief Minister Vijay Rupani travels abroad and cannot find solutions to Gujarat’s recession.

Customers will benefit from Hallmarking

India currently imports around 800 tonnes of gold annually, of which only 40 per cent of jewelry is hallmarked. Customers who make hallmarking compulsory will have a big advantage, but those who sell gold jewelry can’t afford low-karat gold customers. Gold traders will also be required to obtain licenses for Hallmarking.

James-Jewelry sector contributes 15% to job creation in recession

Exports of colored precious gemstone, cut-poached diamonds also declined in the gold and silver market. During April-September, the total exports of colored stones and gems declined by 10.5% and 19%, respectively. However, gold medallions and gold coins and silver jewelry saw a significant jump of 89.4 per cent and 83 per cent, respectively. India’s major exporters are the United States, Europe, Japan and China, of which only about 25% is exported to the US. This is a major failure of the Narendra Modi government.

Reduction in import of gold lumber-rough diamonds

According to GJEPC data, the total imports of rough diamonds in the country during April-September declined by 25 per cent year-on-year to $ 5.4 billion and imports of gold pulses fell 6.7 per cent to $ 3.4 billion.

James-Jewelery exports fell 6 percent in September

Gems-jewelery exports fell 6 per cent to $ 3.34 billion in September, from $ 3.56 billion in the same period last year. The total export value of gems and jewelery treated with Indian currency has dropped by 7 per cent to Rs 23,788 crore, from Rs 25699 crore last year, which means that the export value has declined by Rs 1911 crore. (PL, SEE ORIGINAL COPY OF THIS REPORT IN GUJARATI ON THIS WEBSITE)