Titan, Kalyan Jewellers and Thangamayil Share Price Fall Upto 2% as PM Modi Urges Caution in Gold Purchases; Advises Self-Reliance to Maintain GDP Growth

Titan Company, Kalyan Jewellers India, and Thangamayil Jewellery saw their shares decline on September 1, 2026, following Prime Minister Narendra Modi's appeal for Indian citizens to limit their gold purchases, as per the news report.  

This appeal was in line with his broader strategy of encouraging "Swadeshi" and supporting local businesses to enhance self-reliance. 

Titan, Kalyan Jewellers, Thangamayil and Others in Focus 

On Tuesday morning, Titan's shares were down to ₹5,050 on the NSE, marking a decrease of ₹52.50 or 1.03% from the previous close.  

Kalyan Jewellers' stock price fell to ₹587.45, a decline of ₹13.55 or 2.25%.  

Thangamayil Jewellery saw a drop to ₹5,333.50, losing ₹78.50 or 1.45%. 

 In comparison, BlueStone Jewellery and Lifestyle went down to ₹807.40, losing ₹10 or 1.22%. 

Senco Gold remained buoyant, with its shares trading at ₹353.35, seeing an increase of ₹4.75 or 1.36%.  

The jewellery sector reacted to Modi's Instagram post where he encouraged the emphasis on Indian-made goods and restraint in gold buying in order to contribute to the nation's goal of becoming a "Viksit Bharat." 

PM Modi's Appeal and Economic Context 

The appeal from Modi focused on reducing dependency on imported goods and services to strengthen the national economy.  

Previously on May 10, 2026, Modi had made requests aimed at conserving foreign currency, including minimizing imported fuel use and reducing unnecessary international travel.  

He underscored self-reliance, organic farming, and the "Vocal for Local" initiative to reach development goals by India's 100th Independence anniversary. 

PM Modi's Call for Self-Reliance 

In a recent video post, PM Modi urged citizens to support "Swadeshi" and "Vocal for Local" initiatives, implement "Make in India," and choose India for weddings instead of travelling abroad.  

His comments followed India's report of a 7.8% real GDP growth in the first quarter of fiscal 2026-27, with gross value added growing 8.2%. 

Modi stressed the need for self-reliance to maintain the economic growth pace. He advised against buying gold unless necessary and encouraged citizens to "Wed in India" and avoid foreign travel to support the economy. 

Economic Growth and Manufacturing Expansion 

India's real GDP grew 7.8% in the April-June quarter of fiscal 2026-27, while nominal GDP rose 10.3%. The manufacturing sector expanded by 9.2% during the quarter.  

The power, gas, water supply, and other utilities segment grew 8.9%, while construction expanded 7.7%. 

Global Uncertainty and Economic Challenges 

Modi's appeal comes amid global uncertainty, with a focus on reducing fuel use, limiting imports, and avoiding foreign-currency spending.  

He compared the situation to the Covid-19 pandemic and highlighted the unstable global conditions, including economic challenges and tensions in West Asia. 

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Impact on Gold Buying and Market Reactions 

Gold remains significant for Indian families, prominently used in jewellery and weddings. Modi's call to cut down on gold purchases comes against this backdrop, aiming for a shift towards more locally produced goods. 

Besides encouraging a focus on domestic consumption, the Prime Minister advised avoiding international leisure travel and holding celebrations such as weddings within India to further support local markets. 

Conclusion 

The shares of Titan, Kalyan Jewellers, and Thangamayil saw declines, correlating with PM Modi's call for restrained gold buying. Titan fell by 1.03% to ₹5,050, Kalyan Jewellers dropped by 2.25% to ₹587.45, and Thangamayil decreased by 1.45% to ₹5,333.50, reflecting market responses to his appeal for greater self-reliance and supporting local products. 

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