Rising Silver Prices Drive Lucknow Jeweller to Suicide

Lucknow: In a deeply distressing incident, a 55-year-old jeweller allegedly died by suicide in Uttar Pradesh’s capital after prolonged financial stress linked to the sharp rise in silver prices, police said on Friday.

The deceased has been identified as Manoj Agarwal, a resident of Chowkpatia area. According to preliminary investigations, Agarwal had accepted multiple orders for silver jewellery several months ago at fixed rates. However, the sudden and sustained surge in silver prices reportedly pushed him into severe mental distress, as fulfilling the orders at old prices became financially unviable.

Police said Agarwal was found hanging inside his residence on Thursday night. No suicide note was recovered from the spot, and family members have not levelled any allegations against anyone so far.

Business Pressure and Market Volatility

Manoj Agarwal owned a jewellery shop named “Shri Shringar” on the first floor of Kundan Market in Chowk, a well-known jewellery hub in the city. On Thursday afternoon, he reportedly visited his shop, interacted with fellow traders, and returned home in the evening.

Later that night, around 9 pm, family members noticed his body hanging from a net in the courtyard, tied with a sari. Panic ensued, and neighbours rushed to the spot after hearing cries. The police were informed immediately.

Local jewellers said Agarwal was heavily involved in silver trade and had taken large orders for the ongoing wedding season. With silver prices rising unexpectedly, he was under constant stress about procuring expensive raw material while honouring commitments made at lower rates.

Traders Express Concern

Fellow traders expressed concern over the volatility in precious metal prices, stating that small and medium-scale jewellers are increasingly vulnerable to market fluctuations. Many believe Agarwal may have slipped into depression due to mounting financial pressure.

Family in Shock, Investigation Ongoing

Agarwal is survived by his wife Neelu, a homemaker, and two sons. The elder son works in Pune, while the younger son assisted his father at the shop. The sudden loss has left the family devastated.

Inspector Santosh Kumar Arya of Saadatganj police station said the body has been sent for post-mortem examination and further investigation is underway to ascertain all circumstances surrounding the death.

“This appears to be a case of suicide driven by personal and financial stress. However, all aspects are being examined,” the officer said.