AIJGF warns Narendra Modi gold pause could hurt 35 million
Business
India's main jewelers' group (AIJGF) isn't happy with PM Modi's request to hold off on buying gold.
They say this could hurt 35 million people working in the jewelry sector.
Instead of asking people to stop buying, they want smarter ways to use and recycle the gold we already have.
AIJGF proposes bullion bank and reforms
The AIJGF suggests setting up a bullion bank to make better use of domestic gold, updating old schemes that haven't worked, and letting gold ETFs lend out more of their stash.
They also want easier rules for intra-system gold transfers and using digital certificates as loan collateral.
The group calls gold wearable savings, stressing it's not just jewelry: it helps keep rural India financially secure.