PM Modi's Gold Appeal: Ranchi Jewellers Fear Wedding Season Slump Amid Economic Uncertainty

Ranchi: Prime Minister (PM) Narendra Modi’s appeal to citizens to avoid buying gold for a year amid rising global tensions and economic uncertainty linked to the West Asia crisis has fuelled anxiety among the jewellers in the wedding season.

Jewellers said that the statement, aimed at reducing pressure on foreign exchange reserves and controlling imports, could affect customers’ sentiment in Ranchi’s bullion market, where wedding purchases account for a major share of annual business. Enquiries have slowed over the past few days as customers remain unsure about future prices and govt messaging, they added.



Ranjan Thakur, manager of a jewellery shop in Lalpur, said, “Even a temporary dip in purchases could hurt local market ecosystem. People usually begin wedding shopping months in advance. If buyers postpone purchases, the impact will not remain limited to showrooms. Karigars, polish workers, delivery staff, and small artisans will also be impacted.”

An owner of a jewellery store located at Main Road, Prem Kumar, said, “If people stops buying gold, it won’t impact only shop owners but the entire chain, including karigars,” adding, “we have been facing the heat as the West Asia war hit the supply of raw materials. Many karigas were already denied work to their full capacity and the recent appeal would further make a dent in the earnings of all stakeholders involved in the trade. If I don’t get business, I cannot employ an artisan to design jewellery.”

He used to employ around four to five karigas and paid them between Rs 20,000 and Rs 25,000 per month till the slump.

Another Main Road-based jeweller, Shubham Gupta, said, “The appeal should be seen at a macro economic context. India imports a massive amount of gold. The govt wants to reduce foreign exchange outflow during an international crisis. People can redesign pieces of old gold ornaments and turn those into modern ornaments.”

“Remodelling and exchange schemes could offer a practical solution for families preparing for weddings. Most households have unused gold lying in lockers. That gold can easily be modified according to current designs. This will also help customers manage rising prices,” he added.

For many families, the answer is not cancelling purchases but changing buying patterns. Neha Agarwal from Hatia, whose brother’s wedding is scheduled in November, said, “We will split jewellery shopping into phases, rent heavy bridal pieces for functions and redesign mother’s old ornaments for the bride to reduce expenses and avoid panic buying.”