Prime Minister Narendra Modi’s appeal to halt gold purchases has sent shockwaves through India’s $80 billion gems and jewellery industry. With gold imports hitting a record $72 billion in fiscal year 2026-a 24% surge the government is prioritizing the stabilization of the rupee and the current account deficit over luxury consumption. However, the move has sparked deep anxiety among jewellers in hubs like Delhi’s Chandni Chowk and Mumbai’s Zaveri Bazaar. Industry leaders warn of a looming crisis for the lakhs of workers whose livelihoods depend on the sector, urging the government to consult stakeholders before implementing restrictive curbs.
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