The All India Gems and Jewellery Council (GJC) has expressed concerns over the government's recent decision to increase the gold import duty to 15% from 4%, which is expected to significantly affect the jewellery industry. This move will raise gold prices by approximately ₹27,000 per 10 grams, leading to fears of a burgeoning grey market as consumers may turn to smuggled gold. GJC chairman Rajesh Rokde highlighted that this duty hike, part of broader austerity measures announced by Prime Minister Narendra Modi, aims to curb gold imports amid a rising import bill exacerbated by the West Asia crisis. Retailers like Senco Gold and Diamonds anticipate a 10-15% decline in sales volume, although the value of sales may remain high as consumers shift towards lighter-weight jewellery. The GJC has convened an all-associations meeting in Mumbai to strategize on the industry's response to these new challenges.