Politics
Gold: great effect of Prime Minister Modi’s call! Gold purchases fall by 70 percent and the trend is for “broken” jewelry
PM Modi Gold Call: Although the country is currently rife with weddings and festivals, the gold market is extremely calm. A few days ago, Prime Minister Narendra Modi made a public appeal to the countrymen not to buy any kind of new gold for a year. This call from the Prime Minister now has a direct and major impact on the gold trade in the country.
At the Jalgaon gold market, known as the gold city of Maharashtra, purchases of new gold have declined by almost 70 percent. However, on the other hand, there is an image in the market that consumers have shifted their trend towards making new jewelry by breaking the old gold at home (Old Gold Exchange) by removing a gold center.
Foreign exchange reserves of the Indian economy: a step to save foreign exchange
Due to the huge purchase and import of gold into India every year, a large portion of the country’s valuable foreign exchange is spent abroad. It is clear that this has a direct negative effect on the overall economy of the country and the value of the rupee. Keeping this in mind, Prime Minister Modi made an emotional appeal to the public not to buy gold for a year. Along with this, import duties on gold were also increased.
Jalgaon Suvarnanagari turnover: Jalgaon turnover of crores cooled
The combination of the Prime Minister’s appeal and the increase in import duties has dealt a major blow to Jalgaon’s famous gold sector. The Jalgaon bullion market, which has a daily turnover of millions of rupees and is teeming with customers, is now witnessing a thriving market.
According to bullion traders, the number of customers buying new pure gold suddenly fell by 50 to 70 percent. Although traders are suffering heavy financial losses due to the lack of demand for new gold, citizens are responding to the call on the country’s economy.
Gold Jewelers Customer Response: Consumers Focus on Antique Jewelry
With new gold purchases stalled in the market, many consumers have found a new way to honor their family gold purchases. Consumers now bring their old jewelry to bullion stores to purchase wedding jewelry.
Some gold buyers who came to the Jalgaon market said that considering the current economic situation in the country, Prime Minister Narendra Modi’s call was quite right. We respond positively to his call in the national interest. However, gold ornaments are very necessary as there is auspicious work in the house. That’s why we break the old gold in the house and create new ones without buying new gold. Customers responded that this meets our requirements and also saves the country’s foreign exchange.
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