Jewelery Market News: Prime Minister Narendra Modi’s appeal to the countrymen not to buy gold for a year during a public meeting in Hyderabad on 10 May 2026 has created a lot of panic in the jewelery industry. Jewelery traders, goldsmiths and small businessmen of the entire country including Delhi seem to be extremely worried by this appeal.

Speaking in detail on this issue, Chamber of Trade and Industry (CTI) Chairman Brijesh Goyal said that as soon as the appeal came out, hundreds of businessmen contacted him and expressed their deep concern. Goyal said that the peak season of weddings is going on and due to this appeal of the Prime Minister, there is a possibility of a huge decline in the demand for ornaments and jewellery.

Estimate of consumption reduced from 800 tonnes to 500 tonnes.

India is the second largest gold consumer in the world after China. According to CTI, on an average 700 to 800 tonnes of gold is consumed in the country every year. Brijesh Goyal says that after this appeal of PM Modi, gold consumption may reduce from 800 tonnes to 500 tonnes.

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Small jewellers, goldsmiths and artisans are in danger of retrenchment

CTI Chairman warned that if gold sales remain affected for a year, small jewellers, goldsmiths and artisans may have to face big problems in paying salaries to their employees. In such a situation, employees may have to be forced to lay off at many places. Jewelers believe that such calls create an atmosphere of fear in the minds of customers, due to which the sales of gold can reduce significantly, especially during the wedding season.

gold is part of culture

CTI General Secretaries Gurmeet Arora and Ramesh Ahuja said that gold is not just a metal or an investment instrument, but is deeply linked to Indian culture. Jewelery is considered almost mandatory in weddings. Therefore, this appeal is creating very challenging times for the jewelery industry as well as the common people.

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Impact on stock market also

According to CTI, this appeal may also have a negative impact on the shares of major listed jewelery companies like Titan, Senco Gold, Kalyan Jewellers. Brijesh Goyal further said that this appeal can prove to be a big blow to the jewelery industry. Therefore, now the industry will have to adopt new strategies to maintain its business activities.