India jewelry industry pushes gold monetization scheme to cut imports
India's jewelry industry wants to bring back the Gold Monetization Scheme (GMS) to help the country rely less on imported gold.
After PM Modi urged people to cut down on gold buying, GJC Chairman Rajesh Rokde pointed out that a transparent GMS could unlock close to 200 tons of gold just sitting in people's homes, which would help lower annual imports.
Jewelry industry proposes GST-only bullion sales
India imports nearly 800 tons of gold each year, but a big chunk, around 200 tons, just sits unused.
The revived GMS could help mobilize idle household gold into the formal economy.
Industry leaders also suggest stricter rules like selling raw bullion only to GST-registered buyers and setting import limits, hoping these steps will support the organized jewelry sector and encourage smarter regulations.