Jewellery stocks declined after PM Modi urged Indians to limit gold purchases.
Kalyan Jewellers fell 4.38%, while Titan and PC Jeweller also declined.
Modi’s Swadeshi appeal targets gold demand, foreign travel and overseas weddings.
Major jewellery stocks traded lower on Tuesday morning after Prime Minister Narendra Modi urged Indians to refrain from buying gold unless absolutely necessary, as part of his latest appeal to promote "Swadeshi" and "Vocal for Local".
At 11:50 am, Titan Company was trading at Rs 5,046 on the NSE, down Rs 55.90, or 1.10%, from the previous close.
1 August 2026
Get the latest issue of Outlook Business
Kalyan Jewellers India was trading at Rs 574.70, down Rs 26.30, or 4.38%. PC Jeweller, Goldiam International and Thangamayil Jewellery were also trading around 2% lower.
Senco Gold and P N Gadgil Jewellers were the only major jewellery stocks trading in the green.
PM Modi Urges To Limit Gold Purchases
Modi made the appeal in a post on Instagram, urging Indians to embrace the mantra of "Swadeshi" and "Vocal for Local".
He asked people to avoid travelling abroad merely for leisure or hosting weddings in foreign countries, instead calling for "Weddings in India".
"We should also refrain from buying gold unless absolutely necessary," Modi said.
He added that greater emphasis on "Swadeshi" and self-reliance would help India move towards becoming a "Viksit Bharat" by the time the country marks 100 years of independence.
Advertisement
The appeal comes as gold remains a key purchase for Indian households, particularly for jewellery and weddings.
PM Modi Had Made Similar Appeal In May
This is not the first time Modi has made such an appeal. On May 10, amid the West Asia crisis, the Prime Minister had called upon citizens to become "partners" in strengthening the country and made seven appeals aimed at conserving foreign exchange.
At the time, Modi had urged citizens to reduce consumption of imported fuel by using public transport and carpooling amid a rise in crude oil prices. He had also called on people to rethink discretionary spending, including avoiding foreign travel for a year, reconsidering destination weddings abroad and limiting excessive gold purchases.
Advertisement
The Prime Minister had also called for the revival of work-from-home practices, lower edible oil consumption and reduced dependence on imported chemical fertilisers.
In his latest appeal, Modi again called for greater emphasis on "Swadeshi" and self-reliance, saying the combined strength of 1.4 billion Indians could help take the country to new heights.
