India's Gold Monetisation Scheme may include jewelers in August 2026
India's Gold Monetisation Scheme (GMS) is getting a fresh update: this time, jewelers could join the action.
The government wants to unlock some of the 30,000 tons of unused gold sitting in homes and rely less on imported bullion.
After recent talks with the Reserve Bank of India (RBI) and industry leaders, the new plan is likely to be unveiled in August 2026, right before festival season.
Jewelers to collect gold deposits
Jewelers would act as collection centers for gold deposits, earning handling fees while making it easier for people to participate.
Depositors can still earn interest and choose gold or cash at maturity.
The hope is that these changes will boost participation (especially since only 39 tons have been mobilized since 2015), help jewelers with financing costs, and improve India's trade balance by cutting down on imports.