Jewellery traders and organisations have raised concerns over declining gold demand across India. The Chamber of Trade and Industry (CTI) has urged immediate government action. CTI president Brijesh Goyal wrote a letter to Prime Minister Narendra Modi. The letter highlighted concerns about the gold business crisis after the PM’s appeal to avoid gold purchases.
The organisation warned that annual gold consumption could fall from 800 tonnes to 500 tonnes. Therefore, CTI requested steps to protect the jewellery sector.
CTI places five demands before the government
CTI requested a special economic package worth ₹10,000 crore for small artisans, jewellers, and gold traders. The organisation also sought a meeting with the Prime Minister. CTI wants representatives from the gold sector to share their concerns directly. The group believes government support can prevent further damage.
Traders worry about employment and market impact
CTI asked the central government to protect employment among small-scale gold artisans. The organisation said the jewellery industry needs immediate attention during this difficult period. Earlier, Prime Minister Narendra Modi appealed to citizens on May 10 during a Hyderabad public meeting. He requested people avoid gold purchases for one year.
Modi encouraged citizens to adopt indigenous products, reduce petrol and diesel consumption, and move towards economic self-reliance.
Gold businesses fear demand slowdown during wedding season
Following the appeal, jewellery traders expressed concerns about market conditions. CTI said the timing created worries because India was entering the wedding season.
The organisation feared delayed purchases could directly affect the jewellery market. Consequently, CTI has now demanded relief measures after estimating a major decline in gold buying.
