Gold prices surged following an increase in the import duty on gold and silver from 6% to 15%, leading to a significant decline in demand across jewellery stores in India. Prime Minister Narendra Modi's recent appeal for Indians to reduce gold purchases for a year, aimed at encouraging foreign exchange savings amid geopolitical tensions in West Asia, has compounded the situation. Reports indicate that major jewellery markets, including Zaveri Bazaar in Mumbai, experienced a drastic slowdown, with many stores reporting a 65-70% decrease in customer visits. In Delhi, jewellers noted a halt in purchasing plans, while in Kolkata, the combination of high prices and recent elections has further deterred buyers. In Odisha, footfall dropped sharply by 30-50%, with some areas experiencing declines of up to 80%. Jewellers are now calling for government intervention, including interest waivers and support for artisans, to prevent widespread business closures in the industry.