Multiple jewellers in Uttar Pradesh’s Lucknow on Monday, May 11, observed a day long trade shutdown after an appeal made by Prime Minister Narendra Modi urging citizens not to purchase gold for a year.
In a press note, the Lucknow Mahanagar Sarafa Association called the appeal “unfortunate” and stated that the gold traders had already been witnessing a decline in recent times.
In Photos | Jewellers in Lucknow observed a one day trade shutdown following an appeal reportedly made by Prime Minister Narendra Modi, urging citizens not to purchase gold for a year.
📸: Sumit Kumar / UNI #Lucknow | #Jewellers | #TradeShutdown | #Gold | #NarendraModi |… pic.twitter.com/vrFB8U4ImH
— UNI Photos (@UNI_Photos) May 11, 2026
PM Modi asks people to avoid gold purchase
Addressing a public meeting organised by the BJP at Parade Grounds, Secunderabad, on Sunday, Prime Minister Modi appealed to citizens to conserve fuel, use public transport, revive work from home, avoid non-essential goods purchase and overseas vacations to save foreign exchange. This was done to combat the global crisis triggered by the ongoing war in West Asia.
The Prime Minister has called for collective participation to help the country face global economic disruptions, supply chain challenges as well as rising prices caused by international conflicts.
Prime Minister Modi has emphasised that patriotism is not only about sacrificing one’s life for the nation andr ather about living responsibly and fulfilling duties towards the country during difficult times.
“Since petrol and diesel have become extremely expensive across the world, it is our responsibility to save fuel and thereby save the foreign exchange spent on purchasing petrol and diesel,” he said.
The Prime Minister has called for the revival of Covid-era efficiency measures in the national interest, which includes work-from-home arrangements.
“During the Corona period, we adopted work from home, online meetings, video conferences, and developed many such systems. We had also become accustomed to them. Today, the need of the hour is that we restart those practices, as it would be in the national interest, and we must once again give them priority,” he said.
Further, he advised citizens to avoid non-essential gold purchases for one year in order to reduce pressure on foreign exchange outflows.
What experts said?
Several industry experts have supported Prime Minister Modi’s appeal to avoid non-essential gold purchases in order to save foreign exchange reserves. They have suggested that gold should not be viewed merely as a consumption item, but also as a key pillar of India’s culture.
India Bullion and Jewellers Association (IBJA) Gujarat President Nainesh Pachchigar said the Prime Minister’s call could help conserve valuable foreign exchange during the time when India faces rising import pressures due to global uncertainties.
“Such a move would help maintain steady work for lakhs of small and medium artisans associated with the jewellery sector while supporting the government’s broader goal of reducing foreign exchange outflow,” IANS quoted him as saying.
JCBL Group Director and Chartered Accountant Renu Arora said India remains heavily dependent on imports when it comes to gold and crude oil, while highlighting that large-scale imports put pressure on the rupee and weaken its value against the dollar.
“The country’s economy becomes vulnerable whenever international crude oil and gold prices rise sharply,” she said.