Prime Minister Narendra Modi's recent appeal urging people to avoid purchasing gold for a year may have triggered a debate in Punjab's bullion markets, but jewellers say there is no panic among families purchasing jewellery for marriages and traditional functions.
Market Observations in Gurdaspur and Amritsar
A visit to Sarafa Bazaar in Gurdaspur and Guru Bazaar in Amritsar showed that while investors were cautiously waiting for prices to soften, wedding-related buying continued largely unaffected. Traders said customer sentiment had turned cautious, but there was no major fall in prices or collapse in demand.
Jewellers' Perspective
Munish Verma, president of Swarankar and Sarafa Sangh, Gurdaspur, said ordinary families could not indefinitely postpone jewellery purchases linked to weddings and customs. "For investors, gold is an asset purchased for profit, but for ordinary families it is part of social customs and traditions," Verma said. "If a family has fixed a marriage budget of Rs 30 lakh and allocated Rs 5 lakh for jewellery, they cannot simply skip buying gold."
The national president of the Akhil Bharatiya Swarnkar Sangh, Kashmir Singh Rajput, said gold prices had seen only marginal fluctuation since the PM's remarks. "This is not a significant fall. Gold prices have already been fluctuating for the past one-and-a-half months," he said.
Broader Economic Restraint Measures
Rajput and Verma both argued that the bullion trade alone should not be singled out while discussing economic restraint measures. They emphasized that the focus should be on overall consumption patterns rather than targeting a specific sector.
Investor Sentiment
Some investors, however, remained uncertain about future trends. Poornima, a young investor, said she had considered selling part of her gold holdings fearing a sharp price decline, but decided to wait after finding no major fall in rates. This cautious approach reflects the broader market sentiment among those who view gold as an investment asset.
Changing Consumer Preferences
Jewellers also said customers were increasingly avoiding heavy ornaments and elaborate jewellery sets due to uncertainty and high prices. Lightweight and minimalist designs are gaining popularity as families seek to balance tradition with budget constraints.
BJP Leader Seeks Withdrawal of Security Cover
In a related development, Punjab BJP general secretary Jagmohan Singh Raju has written to Union home minister Amit Shah seeking withdrawal of his security cover. Raju said the move would help him follow the Prime Minister's appeal to reduce vehicle usage and encourage carpooling, aligning with the broader message of economic restraint.
This step highlights how some political figures are taking Modi's appeal seriously, even as the jewellery market continues to operate normally for wedding-related purchases.
