Rewa Gold, Silver Sales Drop 50% as PM’s Appeal Hits Market, Old Orders Cancelled

Orders for jewellery and bullion are being deferred or cancelled after the Prime Minister’s recent pitch for moderation in gold-silver purchases, with traders in Rewa reporting nearly half their business wiped out in just a few days.

The effects of Prime Minister Narendra Modi’s recent appeal to exercise restraint in buying gold and silver have become visible on the ground in Rewa’s Sarafa Bazaar, where sales have plummeted by nearly 50 per cent over the past week. Local jewellers say customers who had placed advance orders are now cancelling them or asking for indefinite postponement.

Orders Cancelled, Footfall Vanishes

Shopkeepers along the busy Sarafa Bazaar lane, normally crowded with families inspecting bridal jewellery and coin purchases, described an abrupt silence since the PM’s remarks. “Earlier, we used to see dozens of buyers every day, especially for small savings in gold. Now, we are lucky if five serious customers walk in,” said Rajesh Jaipuria, a wholesale bullion dealer.

Several traders told reporters that pending orders – some booked weeks ago for upcoming weddings – are being cancelled without penalty requests. “People call and say, ‘Bhaiya, abhi nahi lena, baad mein dekhenge.’ That never happened before,” added Jaipuria.

50 Per Cent Business Impact, Traders in Shock

According to local shopkeepers, the daily turnover in Rewa’s bullion market has fallen from an estimated ₹1.5–2 crore to barely ₹75 lakh–1 crore in the last 72 hours. Jeweller Rajeev Mittal, who runs a showroom near Rewa’s old bus stand, said the impact has been deeper than during the pandemic. “Gold prices were already high – around ₹73,000 per 10 grams. The appeal has added confusion. Many middle-class investors are simply waiting,” Mittal explained.

Another trader, Suresh Gupta, noted that the hesitation is not limited to gold. Silver coin and bar sales, typically driven by small savers, have also dropped sharply. “People come, ask rates, discuss the PM’s statement among themselves, and leave. No purchases,” Gupta said.

Background: PM’s Pitch for Financial Caution

The Prime Minister, during a recent public address, had suggested that citizens reconsider excessive spending on precious metals and instead focus on financial savings or productive assets. While no formal ban or regulation was announced, the remarks have resonated strongly in tier-2 and tier-3 cities like Rewa, where political messaging often influences consumer behaviour.

Local business associations say they have no objection to the sentiment but are worried about stock and liquidity. “We are sitting on inventory bought when prices were higher. If sales remain this slow for two more weeks, many small jewellers will face cash flow problems,” warned Jaipuria.

Mixed Reactions Among Buyers

Outside a jewellery showroom on Rewa’s main road, a potential customer, housewife Meena Shukla, said she had postponed buying a gold chain for her daughter’s upcoming engagement. “The PM sahab has appealed. There is no harm in waiting. Prices may also cool down,” she said.

However, some buyers expressed frustration. “It is our hard-earned money. Why should a political appeal decide when we buy jewellery for a wedding?” asked Rajesh Tiwari, a government employee, though he admitted he had also decided to wait.

Forward Outlook: Uncertainty Ahead of Festive Season

With the wedding season and Diwali just weeks away, traders are hoping for a reversal. But many are not optimistic. “If this sentiment continues, we could see cancellations go up to 60–70 per cent,” said Mittal. The Rewa Sarafa Association has planned a meeting later this week to discuss ways to reassure customers, including possible discounts or instalment schemes.

For now, the lanes of Rewa’s gold market remain unusually quiet – a reminder of how quickly political messaging can turn into market reality in small-town India.