The India Bullions & Jewellery Association (IBJA) has expressed serious concerns regarding the impact of the government's recent increase in import duties on gold and silver, which has risen from 6% to 15%. This decision could jeopardize the livelihoods of approximately 8.5 million workers in the jewellery sector, particularly artisans engaged in handmade jewellery. IBJA's national secretary, Surendra Mehta, emphasized the need for government relief measures to support jewellers and small businesses, as a slowdown in business activity raises questions about salary payments and loan servicing. The association predicts that gold demand in India may decline by 10-12% in 2026 due to these changes. Mehta also highlighted the importance of integrating household gold, which amounts to nearly 34,000 tonnes, into the formal economy to help mitigate current account deficit pressures. Additionally, consumer preferences are shifting towards investment-oriented products like gold ETFs, which now account for 18% of jewellery business, further challenging traditional sales. The IBJA warned that higher import duties could also lead to increased gold smuggling, urging the government to enhance border monitoring.