After Prime Minister Narendra Modi urged citizens to avoid buying gold, the Centre on Wednesday raised customs duty on gold and silver from 6% to 15% to curb imports and conserve foreign exchange amid the ongoing US-Iran crisis. The move has now pushed many families and couples to repurpose heirloom jewellery instead of investing in new gold. Riyaa Agrahari, a bride-to-be and an IT professional, states, “With prices making holes in our purses, my family and I have opted for adding a bit of craftsmanship to our older pieces, which obviously have higher purity than modern alternatives.”
City jewellers say they are seeing a sharp rise in exchange requests, even as fresh purchases slow down. “Given the volatility of the gold market, we have seen people actually going for recycling. And this week onwards, we expect a surge for sure. In Tier 2 cities, people, if not buying new, prefer to add a small amount and strengthen your old gold pieces. The love for gold in small cities is still very strong, be it Lucknow or Kanpur,” says Vishal Agrawal from Chetmani Gems and Jewels.
Rajendra Agarwal of Sona Chandi Jewellers adds, “Recycling will go up, but our request is ke GST hata de jab log purane se naye mein conversion kare. Yeh ek industry hain; if people will not buy, toh kaise chalega? Udyog thapp nahi kar sakte.”
M Mehraj Siddiqui, owner of Mehraj Jewellers, adds, “We have seen severe panic buying. However, Lucknow’s love for vintage jewellery or getting old