Major jewellery stocks declined after Prime Minister Narendra Modi urged citizens to avoid buying gold unless necessary and promote domestic consumption under the Swadeshi initiative. Titan, Kalyan Jewellers, Thangamayil Jewellery and BlueStone recorded losses during early trade, while Senco Gold gained. The appeal comes amid gold’s importance in Indian households and weddings

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Major jewellery stocks came under pressure on Tuesday after Prime Minister Narendra Modi appealed to citizens to avoid purchasing gold unless it was essential. The statement led to selling pressure across several listed jewellery companies during early trading.

During the early trade, Titan Company shares declined almost 2% to Rs 5,015 compared to the previous close. Kalyan Jewellers India reported a decline of up to 5.8% to fall to Rs 578, while Thangamayil Jewellery fell 1.6% to Rs 5,322.

BlueStone Jewellery and Lifestyle also traded lower, declining up to 2.2% to Rs 796. Senco Gold was the only major jewellery stock among those tracked to trade positively, gaining up to 3.4% during the early trade.

The decline in jewellery stocks followed Modi’s message on Instagram, where he encouraged people to adopt the principles of “Swadeshi” and “Vocal for Local”. He urged citizens to prioritise domestic choices and avoid unnecessary spending on gold purchases.

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PM Modi highlights self-reliance and local consumption

In his message, Modi also appealed to people to avoid travelling abroad only for leisure and encouraged them to host weddings within India under the campaign theme “Weddings in India”.

He said greater adoption of Swadeshi and self-reliance would support India’s journey towards becoming a developed nation by the time the country completes 100 years of independence.

Gold continues to hold a significant place in Indian consumer behaviour, especially for jewellery purchases linked to weddings, festivals and family occasions. The precious metal remains one of the most preferred assets among Indian households due to cultural importance and investment value.

The market reaction reflected investor concerns over whether such calls could influence gold consumption patterns and affect demand for jewellery companies. However, analysts note that wedding-related purchases and traditional demand continue to remain key drivers for the sector.

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