All India Congress Committee general secretary and MP Randeep Singh Surjewala.
| Photo Credit: ANI
The Congress on Friday (May 15, 2026) described Prime Minister Narendra Modi’s appeal to defer gold purchases for a year as a “death warrant” for the jewellery sector and demanded that the Centre announce a special economic relief package for the nearly 3.5 crore people dependent on the industry.
“This advisory is disastrous. It is an attack on the livelihoods of backward communities, traditional artisans, goldsmiths, traders and workers associated with the jewellery trade,” Congress general secretary Randeep Surjewala said at a press conference here.
Accusing the Union government of pushing the sector towards an “undeclared lockdown”, Mr. Surjewala said the Prime Minister’s appeal, coupled with the decision to raise import duty on gold and silver from 6% to 15%, would severely hit small jewellers and encourage smuggling and illegal trade.
Promote domestic gold mobilisation
“We demand that the Modi government immediately announce a special economic relief package for 3.5 crore goldsmiths, traders, artisans and workers involved in the gold jewellery industry,” he said, adding that the government should also promote domestic gold mobilisation, recycling and utilisation of idle household gold stocks.
Mr. Surjewala alleged that the Prime Minister’s remarks amounted to an attack on India’s cultural and social traditions, arguing that gold remained integral to religious customs and served as a financial safety net for millions of women.
Sharpening his attack on the Prime Minister, Mr. Surjewala recalled Mr. Modi’s April 2024 election speech in Banswara, Rajasthan, in which he had accused the Opposition of wanting to “snatch mangalsutras” from women.
“The same Prime Minister is now advising people not to buy gold,” he said.
The Congress general secretary said over 90% of India’s jewellery trade operated through MSMEs (Micro, Small and Medium Enterprises) and small jewellers, while the gems and jewellery sector contributed over 7% to the country’s GDP and nearly 12% of exports. More than 85% of exporters in the sector belonged to the MSME category, he added.
He further alleged that the increase in import duty would incentivise gold smuggling, noting that enforcement agencies seized over 2.6 metric tonnes of gold during 2024-25, while industry estimates placed annual smuggling at 10 to 15 metric tonnes.
The Congress also questioned why the government and the Reserve Bank of India (RBI) had increased sovereign gold holdings from 794.64 metric tonnes in September 2025 to 880.52 metric tonnes by March 2026, while simultaneously advising citizens against buying gold jewellery.
Mr. Surjewala alleged that repeated policy shocks, including demonetisation, excise duty measures, GST implementation and mandatory hallmarking norms had already weakened the sector. He also asked whether the BJP intended to hand over the jewellery trade to two or three large corporate groups by undermining small jewellers and artisans through higher duties and reduced consumer demand.
Published – May 15, 2026 09:59 pm IST
