Major jewellery stocks traded lower on September 1 after Prime Minister Narendra Modi urged Indians to refrain from buying gold unless absolutely necessary, as part of his latest appeal promoting “Swadeshi” and “Vocal for Local”.

At 11:50 am, Titan Company was trading at Rs 5,046 on the NSE, down 1.10% from its previous close. Kalyan Jewellers India was down 4.38% at Rs 574.70. PC Jeweller, Goldiam International and Thangamayil Jewellery were also trading around 2% lower. Senco Gold and P N Gadgil Jewellers were among the major jewellery stocks trading in positive territory.

PM Modi Calls For Lower Gold Purchases

Modi made the appeal in an Instagram post, urging Indians to embrace “Swadeshi” and self-reliance. He also called on citizens to avoid overseas leisure travel and foreign destination weddings, instead promoting weddings in India.

“Refrain from buying gold unless absolutely necessary,” Modi said, linking the appeal to efforts towards greater self-reliance.

Gold remains a significant purchase for Indian households, particularly for jewellery and weddings. The latest appeal comes ahead of the key festive and wedding period, when jewellery demand typically gains importance for retailers.

Second Appeal This Year

The Prime Minister had made a similar appeal on May 10, urging citizens to conserve foreign exchange amid the West Asia crisis. At the time, he had called for reduced discretionary spending, including limiting excessive gold purchases, foreign travel and overseas weddings.

The latest comments again place gold consumption and import dependence within the broader government push for self-reliance.