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PM Modi’s Appeal Sparks Wider Conversation Around Responsible Gold Consumption

Industry Voices Discuss Sustainability, Smarter Gold Utilisation, and Evolving Consumer Behaviour Amid Economic Uncertainty

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Prime Minister Narendra Modi’s recent remarks encouraging mindful spending and responsible gold consumption have triggered widespread discussions across India’s jewellery industry. The comments come at a time of heightened global economic uncertainty, rising crude oil prices, and increasing pressure on import-dependent sectors.

With gold continuing to remain one of India’s most culturally significant assets as well as a major import commodity, industry stakeholders are now exploring ways to balance consumer sentiment, economic stability, and long-term sustainability.

Leaders from across the gems and jewellery sector have largely viewed the remarks as an opportunity to encourage more efficient utilisation of existing gold resources, while also adapting to changing consumer preferences.

Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation:

“The impact will be psychological, not structural. India’s 10–12 million annual weddings embed gold demand that is pre-committed and culturally non-negotiable — Akshaya Tritiya, Dhanteras, and wedding-season buying will not simply stop on a PM’s appeal. The PM’s words, however, may nudge discretionary buyers toward lighter jewellery, digital gold, and ETFs — formats that don’t trigger import demand. In FY26, India imported nearly $72 billion worth of gold — a record high. Global cues — Iran-US tensions, crude oil, and the dollar — will dominate price direction. The appeal is a signal of macro seriousness, not a market-moving policy lever.”

Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council (GJC), said:

“India’s economic strength must always come before individual preferences. The Hon’ble Prime Minister’s appeal reflects larger concerns around imports and foreign exchange reserves. At the same time, India already possesses thousands of tonnes of idle household gold. The solution may not lie only in reducing demand, but also in unlocking the immense value of existing gold through a transparent and regulated Gold Monetisation Scheme.”

According to GJC, a revitalised and jeweller-integrated Gold Monetisation Scheme (GMS) could help:

  • Mobilise idle household gold 
  • Reduce import dependence 
  • Strengthen the formal economy 
  • Improve transparency and traceability 
  • Convert dormant gold into productive national capital 

Avinash Gupta, Vice Chairman, GJC, added:

“Gold has always been emotionally and culturally connected to Indian households. Respecting the Prime Minister’s vision for national interest, the industry believes that a robust and regulated Gold Monetisation Scheme can become a long-term solution for India. The answer lies not only in consuming less gold, but in utilising existing gold more efficiently, transparently and productively.”

Industry experts also highlighted how evolving consumer choices are already reshaping jewellery buying patterns, particularly among younger generations seeking lighter, versatile, and value-conscious options.

Suvankar Sen, MD & CEO, Senco Gold & Diamonds, noted:

“The sharp decline in gold imports for jewellery consumption reflects both changing consumer behaviour and industry adaptation. With nearly 20,000 tonnes of gold lying idle within the Indian economy, there is a strong need for the Government and industry stakeholders to work together to mobilise this dormant asset.”

He further added that the industry is adapting through lower-weight and lower-carat jewellery products to maintain affordability and accessibility for consumers.

Meanwhile, Visshnupriya Singh, CEO, Svariya, pointed toward the growing demand for demi-fine jewellery among millennials and Gen Z consumers.

“Prime Minister Narendra Modi’s remarks on mindful gold buying have sparked an important shift toward smarter and more practical consumer choices. While gold will always hold cultural and emotional value in India, millennials and Gen Z are increasingly choosing jewellery that balances elegance, versatility, and affordability.”

She added:

“This growing preference is driving demand for demi-fine jewellery, where consumers can enjoy premium design and craftsmanship without making heavy investment purchases. At Svariya, we believe modern luxury today is defined by individuality, everyday wearability, and smart style choices.”

Despite ongoing discussions around consumption patterns and imports, industry observers believe gold’s emotional and cultural relevance in India — especially during weddings, festivals, and family celebrations — remains deeply rooted. At the same time, the conversation has opened new avenues around responsible consumption, sustainable growth, gold recycling, and smarter utilisation of existing resources within the Indian jewellery ecosystem.

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JB Insights

The Evolution Of Men’s Jewellery In India

By Suresh Krishnan, VP – Sales, PNG Jewellers

Changing Lifestyles, Rising Fashion Consciousness and Demand For Self-Expression Are Driving The Rapid Growth Of India’s Men’s Jewellery Segment.

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For decades, men’s jewellery in India limited itself to gold chains gifted by parents, a wedding ring, or a religious pendant. Today, the modern Indian man is embracing jewellery as a form of self-expression, personal style, and achievement. What was once considered a niche category has evolved into one of the most exciting growth segments in the jewellery industry.

We have witnessed a notable shift in consumer behaviour over the past few years. Men are increasingly purchasing jewellery not only for weddings and festive occasions but also to celebrate personal milestones such as promotions, entrepreneurial success, anniversaries, and birthdays. This transformation is being driven by a younger, style-conscious demographic that draws inspiration from global fashion, digital media, and celebrity culture.

International luxury houses have expanded their men’s jewellery offerings substantially, while Indian consumers are becoming more comfortable experimenting with bracelets, platinum bands, signet rings, pendants, cufflinks, tie pins, and customised accessories. The rise of men’s jewellery is also closely linked to changing workplace and lifestyle preferences. Today’s professionals prefer versatile pieces that transition from boardroom meetings to social gatherings. Lightweight gold bracelets, sleek chains, and minimal diamond-accented jewellery have emerged as strong performers across urban markets.

Alongside gold and diamonds, silver jewellery has emerged as a significant growth category for men. Rising precious metal prices and evolving fashion sensibilities have encouraged younger consumers to explore silver bracelets, chains, rings, and pendants as stylish yet accessible options. Silver has increasingly positioned itself as an entry-level luxury category, particularly among consumers in the 20-30 age bracket who seek design-led products for everyday wear. The growing popularity of men’s silver jewellery globally has further accelerated acceptance in India.

One of the most significant developments has been the growing popularity of jewellery gifting for men. Father’s Day, in particular, is emerging as an important occasion. Consumers are increasingly seeking meaningful gifts that carry both emotional and intrinsic value. Unlike conventional gifts, jewellery offers longevity, sentiment, and the potential for appreciation over time.

Another noteworthy trend is the growing demand for customisation. Men are looking for pieces that reflect personal stories, whether through engraved initials, symbolic motifs, family emblems, or bespoke designs. This shift mirrors a broader global movement towards personalised luxury.

While gold remains the preferred metal for many Indian consumers, platinum, silver, and diamond-studded jewellery are gaining prominence among younger buyers. Contemporary styling, lighter weights, and innovative designs have helped make these categories more accessible and relevant.

Looking ahead, the men’s jewellery category is poised for sustained growth. As societal perceptions continue to evolve and consumers become more confident in expressing their personal style, jewellery will increasingly become an integral part of the modern man’s wardrobe.

The evolution of men’s jewellery is not merely a fashion trend. It reflects a deeper cultural shift where jewellery is being recognised as a symbol of identity, achievement, and self-expression. This Father’s Day, that makes jewellery one of the most meaningful gifts a family can choose, celebrating not just tradition, but the individual behind it.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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