Gold duty hike to 15% threatens 35 lakh jewellery trade jobs; buying may crash 50-60%
Import duty jump from 6% to 15%, paired with PM Modi's appeal to defer gold purchases, has rattled India's jewellery trade. Vadodara alone employs 22,000-25,000 workers. Large jewellers pivot to recycling campaigns; small players brace for a sharp 6-month demand slump from July.
Gold/silver import duty hike from 6% to 15%, plus PM Modi's appeal to defer purchases, threatens 35 lakh jewellery trade workers. Traders fear 50-60% drop in gold buying; large jewellers pivot to recycling ads while small jewellers expect limited impact.