Mysore/Mysuru, May 17 -- Consumers tighten casual buying; jewellers report sharp fall in footfall

Prime Minister Narendra Modi's call for austerity and the recent hike in import duty on gold by the Central Government appears to have impacted consumer spending on gold, with jewellers in Mysuru reporting a sharp decline in sales over the past week.

Known for its large number of jewellery showrooms and established gold brands, Mysuru has witnessed a noticeable drop in customer footfall, with traders estimating nearly a 40 percent fall in sales, in terms of quantity.

Gold, traditionally seen as a symbol of financial security and an essential part of weddings and festivals, has become increasingly expensive in recent months, prompting many ...