Indian jewelry retailers sold off on September 1 after Prime Minister Narendra Modi again urged citizens to avoid buying gold unless necessary. Kalyan Jewellers fell nearly 7%, Augmont Enterprises slid as much as 6%, and PC Jewellers and Titan Company each declined about 2%. Senco Gold gained 3.3% from its previous close of Rs 348.75 to an intraday high of Rs 360.20. Modi also called for restraint on non-essential overseas travel and fuel consumption, marking the second such appeal within days as the government seeks to conserve foreign exchange amid pressure on the rupee and elevated crude oil prices. India imported an average of 60 tonnes of gold a month in fiscal year 2026, representing roughly $6 billion in monthly foreign-exchange outflows for bullion. Reserve Bank of India foreign exchange reserves reached a record $729.3 billion in the week ended August 21 after rising $12.4 billion, surpassing the previous peak of $728.5 billion recorded in February. The repeated appeals may weigh on sentiment toward listed jewelry retailers if consumers defer discretionary purchases, while supporting the government's Atmanirbhar Bharat, or self-reliant India, initiative.