Modi's gold pause plea plus 15% duty hike triggers 25-30% footfall drop at Indian jewellers
PM Modi's appeal to defer gold purchases, paired with an import duty jump from 6% to 15%, has cut jewellery store footfalls 25-30%. Crisil forecasts a 13-15% volume decline this fiscal as buyers pivot to lighter, lower-purity pieces. Wedding demand stays resilient against India's $5.2 trillion household gold stockpile.
PM Modi's appeal to pause gold buying plus import duty hike from 6% to 15% has hit jewellery footfalls 25-30%, with Crisil forecasting 13-15% volume decline. Buyers shift to lighter, lower-purity pieces; wedding demand resilient.
Why this matters
Compounds an earlier signal flagging the same 25-30% footfall hit from Modi's pause plea and duty hike, confirming a sustained demand reset rather than a one-week blip.
Footfall signals steady at 60 over 90 days, but jewellery sector now diverging sharply downward.