The Shimla jewellers are fearing a hit to their business following Prime Minister Narendra Modi’s appeal to people not to buy gold for at least one year. Speaking to the media in Shimla, Atul Tangri, president of the state jewellers’ association, said that jewellers’ bodies were writing to the PMO, urging it to review the statement.
Tangri said the business was already under considerable stress due to the soaring prices of gold over the last two to three years and the PM’s appeal would worsen the situation further.
“We understand that the country is facing a challenge, but this statement was unexpected. We contribute significantly to the GDP and thousands of families are dependent on this business. The statement will create a negative sentiment for our trade,” said Tangri.
