Bareilly: A key meeting with office-bearers of the city’s jewellery market association was held under the chairmanship of District Magistrate Avinash Singh at the Collectorate auditorium.
During the meeting, officials discussed concerns related to gold imports and their impact on the country’s economy. It was highlighted that nearly 90 per cent of the gold consumed in India is imported from abroad. Along with gold, crude oil and several fertilisers are also imported, placing pressure on foreign exchange reserves.
Referring to the appeal made by Prime Minister Narendra Modi, the District Magistrate said citizens and traders should work with a “Nation First” approach and contribute towards reducing unnecessary imports.
Avinash Singh urged jewellery traders to encourage customers to recycle old gold ornaments and use them for making new jewellery, especially during weddings and festive occasions such as Akshaya Tritiya, Dhanteras and Diwali, when gold purchases traditionally increase.
He said promoting recycled gold jewellery would help strengthen the national economy and reduce dependence on imported gold.
During the meeting, traders raised concerns regarding cash credit limits, loan recovery by banks and GST notices issued during periods of reduced business activity. Responding to the concerns, the District Magistrate assured traders that the administration understands the challenges faced by the business community and said discussions would also be held with banks regarding financial issues.
The primary objective of the meeting was to establish dialogue with traders on reducing gold imports, easing pressure on foreign exchange reserves and strengthening the country’s economy through responsible trade practices.
The District Magistrate also appealed to traders to voluntarily discourage excessive buying and selling of gold and silver bullion in the larger national interest.
Representatives of the jewellery associations assured full cooperation with the administration and said they would support government initiatives aimed at national economic interests.
Traders informed the administration that the local jewellery market is largely based on exchange of old ornaments for new designs, while bullion trading remains limited at the local level.
Several practical issues related to market security arrangements were also discussed during the meeting. The District Magistrate assured traders that the administration would take prompt and effective steps to address the concerns.
State tax officials, jewellery traders, association members and other concerned officers were present at the meeting.
Reported by Akhilesh Chandra Saxena from Bareilly.
