Gold duty hike, Modi's pause appeal trigger 25-30% footfall drop at Indian jewellers
PM Modi's call to curb gold buying, paired with an import duty hike from 6% to 15%, has cut footfalls 25-30% at chains like Senco and Swastik. Crisil pegs FY volume decline at 13-15%. Buyers aren't quitting, just downsizing: bridal sets shrunk from 80g to 45-50g, ticket sizes off ₹1.2 lakh.
PM Modi's appeal and 15% gold import duty hike triggered 25-30% footfall drops at jewellers like Senco and Swastik. Crisil sees 13-15% volume decline FY; consumers shifting to lighter, lower-purity bridal jewellery rather than abandoning purchases.
Why this matters
Footfall signals have run steady across 59 reads in 90 days, but this marks a sharp policy-driven break: a duty hike plus PM appeal hitting bridal volumes and ticket sizes simultaneously.
Footfall theme steady at 59 signals in 90d; this 25-30% drop is a clear outlier.