Industry executives say a duty hike could push consumers toward lower carat jewellery such as 14K and 9K, reducing gold imports by 20-30%. They add that discouraging investment in gold bars and coins could cut imports further by another 20-30%. With India importing 750-800 tonnes annually, revamping the Gold Monetisation Scheme could unlock 25,000 tonnes of grandfather stock.
Malabar Gold & Diamonds has backed Prime Minister Narendra Modi’s push for responsible gold use, urging an overhaul of the Gold Monetisation Scheme. The jeweller wants higher public participation and more mobilisation of idle gold by integrating organized jewelers, lowering minimum deposit quantities, and introducing flexible redemption options to reduce import dependence and support India’s economy.
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Even as Prime Minister Narendra Modi urges people not to buy gold, India’s gems and jewellery sector is asking the government to strengthen the Gold Monetisation Scheme. Industry bodies argue that mobilising idle gold from homes and recycling it can help address foreign exchange pressures, while avoiding the livelihood risks they say come from deferring gold purchases.
After Prime Minister Narendra Modi’s appeal to postpone gold buying, India’s gems and jewellery sector is warning of potential pain for jewellers. The GJC says instead of delaying demand, the government should unlock existing household gold via the Gold Monetisation Scheme to cut imports, ease pressure on foreign exchange, and respond to the West Asia crisis. Officials are being urged to reconsider.
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