Prayagraj: Amid the Centre’s appeal to curb gold purchases and a hike in customs duty on imports, bullion markets in the city have witnessed a sharp slowdown, with daily sales dropping by around 50% — from Rs 12–13 crore to Rs 5–6 crore, said people associated with the industry.Prayagraj Jewellers Association president, Dinesh Singh, said customer footfall has also declined by nearly 75% over the past two days.“The absence of buyers has puzzled more than 2,000 jewellers across the district. The worst impact could be on around 10,000 karigars (workers), who may face job losses if this trend continues,” he said.A Civil Lines-based jeweller said the Prime Minister’s appeal to avoid gold purchases for a year to conserve foreign exchange reserves has heightened concerns among traders. “This comes at a time when the sector is already reeling under record-high prices, weak demand and rising operational costs,” he said.While industry representatives acknowledge the economic rationale — amid rising oil prices, pressure on the rupee and geopolitical tensions in West Asia — they warned that discouraging purchases further could aggravate stress across the jewellery supply chain.Gold demand had already been slowing over the past year as prices climbed to record levels, dampening retail sentiment and curbing discretionary buying. In the current scenario, traders said customers are reluctant to either buy or sell gold.
