FILE PHOTO: A salesperson attends to a customer in a jewelery showroom | Photo Credit: SHAILESH ANDRADE
Prime Minister Narendra Modi’s appeal to reduce buying gold jewelery could impact employment linked to the jewelery industry, which supports more than one crore people directly and several allied sectors indirectly, highlighted Rajesh Rokde, Chairman, All India Gem and Jewelery Domestic Council.
Speaking to ANI, Rokde reacted to Prime Minister Narendra Modi’s recent appeal asking people to reduce fuel consumption, avoid unnecessary foreign travel and stop buying gold for one year amid the ongoing West Asia crisis and rising crude oil prices.
“Whatever the Prime Minister has to say is absolutely correct in patriotism and national interest,” Rokde said. He noted that the Prime Minister has consistently spoken about “self-reliant India” and “Viksit Bharat 2047”, and said the appeal was made keeping national economic interests in mind.
However, Rokde said gold jewelery has deep cultural significance in India and any broad reduction on jewelery purchases could affect economic activity and employment. “The Prime Minister might be saying that those who buy unnecessary gold, those who buy gold for investment purposes should be discontinued. I definitely agree with that,” he said.
According to Rokde, the jewelery industry contributes around 7 per cent to India’s GDP and supports a large employment ecosystem. “Today, more than one crore people work directly in the showrooms through employment through artists through their employment,” he said.
He added that several sectors, including insurance, banking, furniture, packaging and logistics are also dependent on the jewelery industry.
“Giving any kind of restriction on jewelery can raise a big question of big unemployment,” Rokde stated. At the same time, he supported discouraging bullion and coin purchases for investment purposes.”
I consider it absolutely right to stop buying bullion, buying coins,” he said.
Rokde also said the All India Gem and Jewelery Domestic Council has submitted a Gold Monetization Scheme proposal to the government.
According to him, Indians are estimated to hold around 40,000 to 50,000 tonnes of gold across the country. He said if even 10 to 20 per cent of this gold is monetised, it could significantly reduce dependence on gold imports.
“We have submitted this end-to-end solution of monetization to the government,” Rokde said, adding that if implemented effectively, India may not need to import gold for the next 10 years.
Prime Minister Narendra Modi on Sunday urged citizens to avoid buying gold for a year, reduce fuel consumption and conserve foreign exchange amid rising geopolitical tensions in West Asia.
Addressing an event in Hyderabad, the Prime Minister also called for reviving work-from-home practices.The remarks came as global crude oil prices surged nearly 4 per cent on Monday to around $105 per barrel amid escalating tensions in West Asia and disruptions around the Strait of Hormuz.
Following the remarks and rising geopolitical concerns, major jewelery stocks on the National Stock Exchange came under pressure on Monday. Shares of major jeweler companies faced pressure on Monday, with PNG Jewelers declining around 8 per cent, while Kalyan Jewelers fell 8 per cent.
Thangamayil Jewelery shares declined around 4 per cent, while Titan Company stock dropped more than 6 per cent.
Published on May 11, 2026