GJEPC warns India's gold demand slump risks thousands of jobs
India's jewelry industry is worried: a long slump in gold demand could put thousands of small businesses and jobs at risk, says the Gem and Jewellery Export Promotion Council (GJEPC).
While the government wants to cut back on gold imports (which are massive at 700 to 800 tons a year), Khushboo Ranawat from GJEPC points out that the industry still relies heavily on imported gold.
Khushboo Ranawat urges gold recycling
Ranawat explained that when gold demand drops, it's not just shop owners who feel it: artisans, designers, logistics teams, wholesalers, and nearly 300,000 businesses across big cities like Mumbai, Surat, Jaipur, Kolkata, and Hyderabad are all affected.
She suggests India should get better at recycling its own gold (from households and even temples) to protect jobs and keep traditional skills alive as festival season approaches.