Major jewellery stocks traded lower on Tuesday morning after Prime Minister Narendra Modi urged Indians to refrain from buying gold unless absolutely necessary. Titan Company was trading down 1.03%, from its previous close. Kalyan Jewellers India fell 2.25%, while Thangamayil Jewellery declined 1.45%. BlueStone Jewellery and Lifestyle was down 1.22%. Senco Gold was the only major jewellery stock trading higher, gaining 1.36%. Modi made the appeal in an Instagram post while urging citizens to embrace the principles of “Swadeshi” and “Vocal for Local”. He also called on Indians to avoid travelling overseas solely for leisure and to consider hosting weddings domestically under the theme “Weddings in India”. “We should also refrain from buying gold unless absolutely necessary,” Modi said. The Prime Minister said greater emphasis on domestic products and self-reliance would help India progress towards becoming a “Viksit Bharat” by the time the country celebrates 100 years of independence. The comments come at a time when gold remains one of the most important purchases for Indian households, particularly for jewellery, weddings and other traditional occasions. Any sustained shift in consumer sentiment towards gold could therefore have implications for jewellery retailers and manufacturers.

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