India, May 15 -- After Prime Minister Narendra Modi urged citizens to avoid buying gold, the Centre on Wednesday raised customs duty on gold and silver from 6% to 15% to curb imports and conserve foreign exchange amid the ongoing US-Iran crisis. The move has now pushed many families and couples to repurpose heirloom jewellery instead of investing in new gold. Riyaa Agrahari, a bride-to-be and an IT professional, states, "With prices making holes in our purses, my family and I have opted for adding a bit of craftsmanship to our older pieces, which obviously have higher purity than modern alternatives."

City jewellers say they are seeing a sharp rise in exchange requests, even as fresh purchases slow down. "Given the volatility of the gold...