Jewellery Sales Decline in Ludhiana Amid Gold Duty Hike and PM's Appeal
Ludhiana: Wedding season blow: Jewellery sales lose sheen amid duty hike, PM’s appeal
Hindustan Times
Image: Hindustan Times
Jewellery sales in Ludhiana, Punjab, India, are suffering during the wedding season due to a recent customs duty increase on gold and silver, along with Prime Minister Narendra Modi's appeal to refrain from buying gold for a year. Local jewellers report a significant drop in customer footfall and a shift towards lightweight jewellery amid rising prices.
- 01Customs duty hike on gold and silver has led to a surge in prices, impacting sales.
- 02Jewellers in Ludhiana report reduced customer footfall during the wedding season.
- 03Consumers are opting to refurbish old jewellery instead of purchasing new items.
- 04The emotional significance of gold in Indian culture remains, but purchasing has declined.
- 05Jewellers urge the government to stabilize prices to support both businesses and consumers.
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In Ludhiana, Punjab, India, the jewellery industry is facing a downturn during the wedding season due to a recent increase in customs duty on gold and silver. Prime Minister Narendra Modi's appeal for citizens to avoid buying gold for a year has further dampened consumer sentiment. Local jewellers report that gold prices surged by nearly ₹8,000 in a single day, causing panic among buyers and significantly reducing foot traffic in jewellery showrooms. Mala Dhanda, a jeweller, noted that most customers are now refurbishing or renewing old jewellery rather than buying new pieces. She emphasized the importance of gold as 'istri dhan' (women's wealth) in Indian households, which traditionally provides financial support during tough times. Nilesh Garg, owner of Shri Valav Jewellers, echoed these concerns, stating that while demand for gold will persist due to its emotional significance, the current economic climate is discouraging fresh purchases. Both jewellers have called on the government to take action to stabilize gold and silver prices to alleviate the burden on consumers and small traders.
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The increase in gold prices and customs duties is significantly affecting local jewellers and middle-class families in Ludhiana, leading to decreased sales and financial strain.
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