Jewellers in Jaipur say the upward trend is likely to continue in the coming years. Some traders advise investors to view the price correction phases as buying opportunities, suggesting that both gold and silver could scale fresh highs over the next five to six years as safe-haven assets.
However, many jewellers warn that the surge in prices has a darker side. They say retail demand has dropped sharply as gold and silver move further out of reach for middle- and lower-income buyers. Several traders fear that prolonged high prices could severely impact sales, threatening the survival of small and medium jewellery businesses.
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget, jewellers in Jaipur are urging the government to reduce import duties on gold and silver. They argue that lower duties would increase legal supply, ease price pressure, and discourage smuggling.
Industry representatives say such a move would help stabilise prices, revive demand, and safeguard crores of jobs linked to the jewellery trade across the country.
