Gold duty hike to 15% threatens 35 lakh jewellery trade jobs; buying may crash 50-60%
Import duty jump from 6% to 15%, paired with PM Modi's appeal to defer gold purchases, has rattled India's jewellery trade. Vadodara alone employs 22,000-25,000 workers. Large jewellers pivot to recycling campaigns; small players brace for a sharp 6-month demand slump from July.
What happened
Indian Jewellery Trade · Gold/silver import duty hike from 6% to 15%, plus PM Modi's appeal to defer purchases, threatens 35 lakh jewellery trade workers.
Key facts
- import duty raised from 6% to 15%
- 35 lakh people impacted
- gold buying could fall 50-60%
- 22,000-25,000 workers in Vadodara
Why this matters
Distressed small jewellers across hubs like Vadodara create a 6-12 month window for consolidation, talent acquisition, and bolt-on deals at compressed valuations.