JB Insights
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
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.
JB Insights
The Woman Wearing The Diamond Was Never The One The Ad Was Talking To
Disha Shah, Founder & Designer, DiAi Designs Says That The Brands That Shift From “She Deserves It” to “She Chose It” Won’t Just Win Cultural Relevance – They’ll Own The Future Of Jewellery Marketing.
Indian jewellery advertising has always centred the woman. She has been the face of every campaign, draped in gold, luminous at the occasion, receiving the gift with practised grace. What she rarely was, until recently, was the intended audience.
The creative language of the category was built around a genuine economic reality. For decades, the buyer in Indian fine jewellery was the patriarch, the husband, the father, the family elder making a financial decision on behalf of a woman whose purchasing autonomy was limited. Advertising followed the money. The gift reveal, the bridal close-up, the family approval shot: these were not arbitrary creative choices. They reflected who held the purse strings, and they became so embedded in the category’s visual grammar that they outlasted the conditions that created them by an entire generation.
That structural reality has now reversed. Jewellery purchases now extend beyond weddings and festivals to daily wear, driven by financially independent working women. The self-purchasing woman is no longer an emerging segment; she is the category’s fastest-growing buyer, approaching the decision differently from the buyer the industry originally designed itself around. She is not waiting for an occasion. She is not waiting for someone to present a box. She researched the piece, chose it, and bought it because she wanted it.
The advertising, for the most part, has not caught up.
Some brands are beginning to recognise this. CaratLane’s #WearYourWins movement and Tanishq’s sustained push toward the “woman as decision-maker” are meaningful steps. But what makes these campaigns commercially smart is not just cultural alignment. Research from Harvard Business School finds that women systematically provide less favourable assessments of their own performance and potential than equally performing men. This documented self-promotion gap persists even when women know they have outperformed others. Campaigns that actively celebrate female self-recognition are not just filling a creative gap. They are responding to a behavioural reality that has gone largely unaddressed in the category. The brands doing this well are not being progressive for their own sake. They are being accurate about who their buyer is and what she needs to hear.
Look at the Women’s Day 2026 campaigns across the industry. The conversation is clearly starting to pivot. Brands are finally stepping away from the usual gifting tropes and reframing jewellery as a tool for personal milestones and self-expression. But these remain exceptions. The dominant campaign language of Indian jewellery- the gesture, the reveal, the woman being seen rather than deciding- has not structurally changed.
The media mix tells the same story. Titan leaned heavily on television in FY25, with ad volume surging to 77% of its mix, a broadcast medium built for household reach rather than the individual, financially independent woman who now represents the category’s fastest-growing buyer.
Meanwhile, digitally native BlueStone achieved 50% of online jewellery ad volumes on a budget nearly ten times smaller than Titan’s. The channel that reaches the self-purchasing woman directly is delivering outsized results on a fraction of the spend. The implication for where the industry should be directing its creative attention is fairly clear.
Consider what a brief genuinely written for this buyer would look like. No occasion in the shot. No second person in the frame presents anything. The opening line is not “for the woman who deserves to be celebrated.” It is “she saw it, she wanted it, she bought it.” The product earns its place not through sentiment but through desire. The copy does not explain why she is worth it. It assumes she already knows. That is not a tonal adjustment. It is a fundamentally different creative architecture, and very few briefs in this category have been written that way.
The LGD category has a specific opportunity here that established houses do not. Without decades of legacy campaign language to protect, an independent designer in this space can build advertising from a blank page, one written entirely around the woman who is actually making the purchase. The brief does not have to accommodate inherited assumptions about who the buyer is or what she is waiting for. That is not a small advantage. In a category where the dominant creative language was built around a buyer who is no longer the one making the decision, starting without that inheritance may be the most powerful creative position available.
The woman wearing the diamond has always been visible. What is changing now is who gets to decide. The brands that build their creative around that reality will not just be more culturally relevant. They will be better positioned for every year that follows. The advertising has not caught up yet. But the buyer already has.
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