When our Economist Prime Minister sat first time on the chair,he has ensured destruction of our industry categorically.I am putting down the changes of gold price we have experienced.
Year Price of gold
2004 Rs.5000 23000(Today) Growth 360%
2007 Rs.10000 Growth 100% in 2 years
2009 Rs.15000 Growth 200% in 5 years
The statistics is in front of you.I will request all the people who are not associated with our industry to go www.goldprice.org to see the authenticity of this statistics.
People may wonder,how suddenly everything started to change when Economist assumed office. It was the result of adding India with the world economy.Now our market is dependent on the major share markets of the world.As a result of that whatever happens in the world is reflected in our common men's pocket. Thanks to our earlier leaders who did not know one day India will have such great Economist Prime Minister and made Reserve Bank of India is the regulator of our reserve. Sardarji could not change that so we survived from being US. Our market did not crash totally when US fell. But as a result of that our gold market became totally dependent on world regulators which was earlier regulated by Indian body.Most tragic thing is that Our authorities did not even bothered to notice & call for change when gold price skyrocketed. Govt could have used reserves to price under control but never showed any intention. In middle east infrastructure and construction industry totally dipped during recession but managed to keep jewellery industry intact. Eastern countries lost everything in jewellery and our authorities made us follower of East so in India our recession in jewellery started in the end of 2008 and still suffering. Be it exporters like CMahendra or MSuresh or domestic players like Gitanjali everbody suffered.
Thousands of workers lost jobs in Surat,the home of diamond industry.All branded companies nearly packed baggage. We thought stability of price will come one day but that day even today. The jewellery industry which was one day largest employment provider for crafty Bengali workers lost job & returned to Bengal.It only added agony of the most distressed state of Bengal. But Some little still remained, which was also got beating by continuous terrorist attacks on our Jewellery capital,Zaveri Bazar of Mumbai. It is just like Government pushing us into the well of uncertainty.Jewellery industry once was pride of India,now it is burden of India. Presently India is suffering from 3 percent minus growth in jobs(Though Gujrat and Karnataka has 20% positive growth).If you take out statistics of Jewellery I presume you will have more than 20% minus growth in jobs.Despite of 360% growth in price,volumewise growth of sales is only increasing by 20%.One can understand how much minus growth they are actually having.
In the middle of such crisis Mumbai terror attack day before yesterday has just hit us in our belly.Industry has lost diamond worth 25 Crore. When the entire industry is busy with IIJS,scheduled to commence from 8th August,this preplanned attack has taken away 7 valuable days 7 invaluable lives.I fear when industry can stand up again.
I pray India does not have any economist Prime Minister in future.
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