PM's appeal to postpone gold buying could hurt jewellery industry, says GJC
Business 11 May, 2026

PM's appeal to postpone gold buying could hurt jewellery industry, says GJC

Business To Business, New Delhi, 11th May 2026:  The gems and jewellery industry may face challenges following Prime Minister Narendra Modi’s appeal to citizens to postpone gold purchases for a year, aimed at conserving foreign exchange amid the West Asia crisis, the All India Gem and Jewellery Domestic Council (GJC) said on Monday.
GJC Chairman Rajesh Rokde highlighted that the industry, which provides direct and indirect employment to over a crore people, is likely to come under stress due to the appeal.
“We understand the Prime Minister’s call for responsible gold consumption reflects broader concerns over rising imports and pressure on foreign exchange reserves. However, India already has thousands of tonnes of idle household gold. The solution may not be solely about reducing demand but also about unlocking the value of existing gold through a transparent and regulated Gold Monetisation Scheme (GMS),” he stated.

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