In the wake of Prime Minister Narendra Modi’s call for austerity and mindful spending, the India Bullion and Jewellers Association (IBJA) has urged jewellers and consumers to remain calm, avoid panic-driven reactions, and continue business operations responsibly. While acknowledging the Prime Minister’s emphasis on avoiding non-essential gold purchases amid prevailing economic uncertainties, IBJA emphasized that gold remains a culturally significant and trusted financial asset for Indian households. The association has advised jewellers to encourage informed and need-based buying, while also promoting recycling of old gold and transparent trade practices to ensure stability, consumer confidence, and the continued strength of the domestic bullion and jewellery sector. The statement was issued by.Anurag Rastogi-North India Head-IBJA

1. IBJA’s Message to Jewellers:

The Prime Minister has nowhere said that shops should be closed or that jewellers should stop selling gold to customers.

He has only stated that the country is currently going through a difficult phase, and if possible, people should reduce the use of gold for one year.

This does not mean purchases should stop completely. Customers should buy only as per necessity. Purchase only the minimum required or make use of old gold at home by recycling or repolishing it.

IBJA has appealed to jewellers not to panic. Solutions for business continuity will emerge. The government may have a larger roadmap in place, which could take some time to become clear.

The association is seriously reviewing the matter and discussions are ongoing with several agencies. Whatever decisions are taken will soon be communicated to jewellers and the media.

Until then, IBJA does not support any agitation, aggressive protest, shutdown, or opposition to the government. Traders have always stood with the government and will continue to do so.

Everyone is requested to continue operating their business normally, as before.

2. Appeal to Customers:

Customers are requested to take the Prime Minister’s remarks seriously.

If there is a need for 100 grams of gold, people should try to purchase only the minimum quantity required.

India imports gold from abroad, which leads to expenditure of foreign exchange.

It would be better to recycle old gold lying at home and convert it into new jewellery.

3. The Road Ahead:

IBJA will soon hold discussions with the government on this matter. If sales slow down significantly, it could impact GST collections, income tax revenues, bank CC/OD facilities, and the livelihoods of nearly 1 crore people connected to the industry. The issue of employee salaries will also arise.

All these points will be discussed, and the process may take time. Until then, everyone is requested to continue business operations seriously and normally, and avoid creating any atmosphere that could worsen the situation.