Jewellery stocks in India faced a sharp downturn on Monday following Prime Minister Narendra Modi's appeal to citizens to avoid buying gold for the next year. Speaking at an event in Hyderabad, Modi's request is part of a larger initiative to conserve fuel and foreign exchange reserves. Major players in the jewellery sector, including Sky Gold and Diamonds, Senco Gold, and Kalyan Jewellers India, saw declines of 10.03%, 9.85%, and 9.41%, respectively. The Prime Minister also encouraged reducing non-essential foreign travel and promoting domestic goods. This comes as reports suggest that India's gold imports may fall to their lowest levels in nearly three decades, attributed to unexpected tax demands faced by banks. As the world's second-largest gold consumer, India typically imports around 60 tonnes of gold monthly, amounting to an import bill of approximately $6 billion.