Prime Minister Modi urges people to pause unnecessary gold shopping
India
With gold prices hitting record highs ahead of the festive season, Prime Minister Modi has asked people to hold off on unnecessary gold shopping.
This move, along with higher import duties, could cut festive gold sales and imports by about 10% to 12%, according to industry experts.
Buyers choose lighter or lower-carat jewelry
As prices have jumped nearly 39% since last year, many are switching to lighter or lower-carat pieces or trading in old jewelry instead of splurging on new buys.
Organized jewelers are expected to benefit from these changes as more buyers look for trust and transparency.