CHENNAI: Jewellers across the State will stop selling gold coins and discontinue promotional gold savings schemes as part of efforts to reduce gold consumption and support the Centre’s economic measures, announced Tamil Nadu Jewellers Federation (TNJF).
In a letter addressed to Prime Minister Narendra Modi, the federation, which represents 85 jewellers’ associations in Tamil Nadu, said it supports the Union government’s decision to increase import duty on precious metals to 15 per cent from 6 per cent till March 31, 2027, to conserve foreign exchange reserves and reduce dependence on imports.
TNJF president B Sabarinath said the federation had also taken note of the Prime Minister’s appeal urging people to avoid unnecessary gold purchases in the present economic climate.
In response, jewellers in the State have decided to voluntarily stop the sale of gold coins and withdraw promotional schemes linked to gold savings and investments, he said.
The federation further urged the Centre to ban Gold Exchange Traded Funds (ETFs) and Digi Gold schemes, stating that such instruments indirectly encourage physical gold accumulation.
TNJF also requested that bullion dealers be permitted to sell gold only to registered jewellery dealers in order to regulate the trade and curb excessive imports