Indore Bullion Market Faces Toughest Phase Amid Policy Decisions and Global Turmoil

Indore: The centuries-old bullion market of Indore, the financial capital of Madhya Pradesh, whose foundation was laid during the Holkar dynasty, is going through its toughest phase today. The market is not only famous for jewellery shopping, but its jewellery designing heritage is generations old. However, the current situation here remains quite worrisome. The sluggishness that is usually seen in the market before the onset of the monsoon or the'lean season'has started a month earlier this year. Policy decisions have had a profound impact on the market, mainly due to two major reasons. First, Prime Minister Narendra Modi's appeal to reduce dependence on imports and second, the increase in import duty on gold to 15 per cent. These decisions have not only affected the market sentiment, but have also put brakes on new manufacturing activities. Due to the ongoing war and tension in West Asia, the surge in gold prices, which has driven away 1,500 global buyers, has forced thousands of artisans and craftsmen to migrate to West Bengal.