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 Mumbai families and soon-to-be brides towards repurposing heirloom jewellery instead of investing in new gold.
“The jewellery which has been in our family for generations, will now have be repurposed, seeing the need of the hour,” says the brides mother, whose daughter is an IT professional getting married this year November.
She adds, “My mom while she was sick 4 years back handed me her nathni, along with her jewellery. She wanted my daughter to wear it. Seeing how the cost has been rising each day, it has become too expensive to buy gold. We have decided to repurpose the jewellery and keep the nathni as it is, even though my daughter didn’t want to, seeing the emotions attached to the pieces. With Modi Ji’s repurpose statement, she is okay with wearing her grandparents blessings with a touch of modernity to it.”
Jewellers across Mumbai say fresh purchases have sharply dipped, while requests for redesigning old jewellery have increased: “Naye gold ki khareedi bahaut kam ho gayi hai. Pehle ke mutabik ab 10% log bhi nahi aate,” says Vinod M Parmar from VD Gold, Dadar. “Modi ji ke kehne ke baad, jo log aa rahe hain woh repurpose karwane hi aa rahe hain. Aur agar koi naya gold khareed bhi raha hai toh bas 2-3 gram hi le raha hai.”
Prakash Takhtani from MG Sons Jewels, Khar West says the market has slowed further after the PM’s statement. “Log aaye hai apni purani jewellery repurpose karwane, par kaam kafi slow hai abhi,” he shares, adding that while stores are trying to reduce making charges wherever possible, redesigning old jewellery often increases labour work. “Logo ki sentimental value judi hue hai unke old gold se, phir bhi woh naya nahi khareed rahe par repurpose karwa rahe hai. Discount ki baat karu toh, repurpose ki huee jewellery mei kaam aksar badd hi jata hai, toh discount dena thoda mushkil padhta hai. hum phir bhi, thoda less karke rahe hai customers ke liye.”
Speaking on Modi ji’s repurpose statement, he ends: “Abhi toh buss 4 hi din hue hai yeh khabar ko aae hue. Normally May ka mahina thoda slow hi hota hai, par iss statement ke baad kaam thoda aur slow ho gaya hai. Long run mei pata chalega ki kya asar padhta hai iss move ka.”