Gold imports jump 82% in April as Modi urges year-long buying pause, squeezing jewelry retailers
April gold imports surged 82% YoY to $5.63B and silver doubled to $411M, even after duty hikes. PM Modi's public call to defer gold purchases for a year, plus a 5.2% rupee slide and $28.38B trade deficit, sets a hostile demand backdrop for Tanishq, Kalyan and Titan heading into festive season.
April gold imports surged 82% to $5.63B despite duty hikes on precious metals; PM Modi urged public to defer gold purchases for a year, signaling pressure on Tanishq, Kalyan, Titan and jewelry retailers ahead of festive season.
Why this matters
Import surge collides with a rare prime-ministerial demand-suppression call, just as listed jewelers Tanishq, Kalyan and Titan rely on festive-quarter volumes to offset margin pressure from duty changes and a weakening rupee.
Retail-company signals steady at 391 in last 90d, with jewelry demand now a key swing factor.