Jagran correspondent, Muzaffarpur. Muzaffarpur Sarafa Market: The clear impact of changes in the global situation is visible on the jewelery business. Due to increase in import duty after PM’s appeal, the situation has become such that many shops are not even able to make money.
Due to continuous increase in the prices of gold and silver and increase in tax, the number of customers has decreased rapidly. The situation is such that many shops in the city are not even selling food throughout the day.
Market remained sluggish for the fourth day
Trading in the bullion market remained sluggish for the fourth consecutive day on Thursday. Traders say that due to the huge rise in the prices of gold and silver, customers are avoiding purchasing.
According to traders, due to global instability and uncertainty in the market, people are postponing both investment and purchase.
Wholesale business also affected
Raj Kumar Sahu, director of a big jeweller, said that the market situation has been very bad for the last three-four days. Customers are not able to reach the new design jewellery.
He said wholesale business has also been affected and traders are avoiding stocking large quantities of gold due to security reasons.
Displeasure over increasing taxes
Jewelery traders have supported the Prime Minister’s appeal to buy gold as per the need, but have opposed the decision to suddenly increase the tax on gold and silver.
Traders say that customers are already troubled by inflation and rising prices. In such a situation, the increase in taxes is putting additional burden on the common people.
protest by wearing black band
Many businessmen including businessmen Raju Kumar Raju, Ranjan Kumar Golu said that they are not doing any kind of hoarding, but support their families through this business.
A meeting of the bullion traders of the city was also held on this issue, in which it was decided to wear black bands and do shoplifting in protest against the tax increase.
All India Bullion Association General Secretary Manjeet Kumar said that the protest will be completely peaceful and the demand for withdrawal of tax from the government will continue.
Business reduced by 75 percent
Manjeet Kumar said that after the Prime Minister’s appeal and the increased prices, there has been a big impact on the market. Now only 25 percent business is being done as compared to earlier.
He said that about 75 percent of the jewelery business has been affected. About five thousand artisans involved in gold and silver work are unemployed in the district. Instead of buying new jewellery, people are selling old jewelery and getting new ones made.
Its direct impact is being seen on those families who are involved in the jewelery business. Especially those who work as artisans in it. The impact on their employment is also visible.
Source: www.jagran.com
