Modi’s Gold Buying Appeal: 1 Crore Jobs at Risk, Says GJC Chairman Rajesh Rokde from Nagpur
Modi gold buying appeal: Prime Minister Narendra Modi’s gold buying appeal has triggered serious concern across India’s jewellery industry. Modi urged citizens to stop buying gold for one year to protect the country’s foreign exchange reserves amid rising tensions in West Asia. Now, the All India Gem and Jewellery Domestic Council (GJC) has warned that this appeal could put over one crore jobs at risk.
Who Is Rajesh Rokde and Why Does His Statement Matter?
GJC Chairman Rajesh Rokde, a prominent jeweller from Nagpur, is the president of India’s largest jewellery trade body. Speaking to media after Modi’s appeal, Rokde said the gems and jewellery industry provides direct and indirect employment to more than one crore people across the country. Any significant drop in gold jewellery purchases would directly affect their livelihoods.
What Exactly Did PM Modi Say?
PM Modi made the remarks while addressing an event in Hyderabad on Sunday, May 10, 2026. He asked Indians to avoid buying gold for a year, reduce fuel consumption, and cut down on unnecessary foreign travel. These requests came as global crude oil prices climbed sharply to around USD 105 per barrel due to escalating conflict in West Asia and disruptions near the Strait of Hormuz. Modi’s appeal was not a legal ban. Citizens remain free to purchase gold. However, it was a strong public call rooted in national economic interest.
How Did the Market React?
Markets responded immediately after the appeal. Major jewellery stocks on the National Stock Exchange came under heavy pressure on Monday. Shares of Kalyan Jewellers and PNG Jewellers dropped around 8 per cent each. Titan Company stock fell more than 6 per cent. Investors worried that consumer demand for discretionary gold purchases could fall sharply in the weeks ahead.
What Is the GJC’s Stand?
Rokde made it clear that he fully supports the Prime Minister’s intention. He stated that Modi’s call reflects genuine national concern over rising imports and pressure on foreign exchange. However, he drew an important distinction between investment gold and jewellery gold.
Rokde said stopping purchases of gold bullion and coins for investment is absolutely justified. At the same time, he pointed out that gold jewellery carries deep cultural significance in India, especially for weddings and festivals. A blanket drop in jewellery purchases would severely hurt millions of artisans, retailers, and workers employed across the sector.
GJC Proposes Gold Monetisation as a Long-Term Solution
Rather than reducing purchases, Rokde urged the Central Government to push the Gold Monetisation Scheme more aggressively. He noted that Indians currently hold an estimated 40,000 to 50,000 tonnes of gold across the country. If even 10 to 20 per cent of this existing gold is monetised, India could significantly reduce its dependence on gold imports. GJC has already submitted a detailed end-to-end monetisation proposal to the government. According to Rokde, if implemented effectively, India may not need to import gold for the next 10 years.
What This Means for Nagpur’s Jewellery Trade
Nagpur is home to a significant number of jewellery businesses and craftsmen. Rokde himself is based in Nagpur and leads the national industry body from here. Any sustained drop in consumer demand would directly affect jewellers, goldsmiths, and allied workers in the city and across Vidarbha.
👉 Also Read: Latest Business and Economy News from Nagpur – NagpurUpdates.in
