Rajkot, known as India's top hub for gold and silver jewelry production, sales, and design, is facing a severe economic downturn due to inflation-driven market slowdowns. The skyrocketing gold prices in the international market, coupled with declining demand, have left artisans in a dire financial situation. In response to the crisis, the Soni Yuva Social Trust submitted a memorandum to the district collector on Thursday, urging the government to announce a relief package for struggling artisans.
As per reports, the rising cost of gold and silver has placed these precious metals out of reach for middle-class families, leading to a significant drop in production and wages for artisans. The memorandum highlighted the distress of thousands of artisans from the Swarnakar community, many of whom are left without work. Despite the ongoing wedding season, the demand for gold and silver jewelry has drastically reduced. This has created a financial crisis for artisans, making it difficult for them to pay shop rents, children's school and college fees, loan installments, and household expenses.
The economic distress has reached such an extreme level that some artisans are reportedly contemplating drastic measures due to financial instability. Leaders, including Jigyosh Vagadia, have strongly demanded that the government step in with an urgent relief package for the Swarnakar artisan community.
The ongoing global geopolitical tensions have been cited as a major reason for the steep increase in gold and silver prices. Consumers, facing high costs, have cut back on jewelry purchases, even for wedding ceremonies. This has had a direct impact on thousands of artisans and their families, pushing them into economic hardship. The situation continues to worsen, and the community is now looking toward the government for immediate intervention to prevent further financial distress.
