Business EconomyPosted at: May 11 2026 9:52PM


Gem and Jewellery Council backs responsible gold consumption, calls for stronger gold monetisation scheme

Hyderabad, May 11 (UNI) Rajesh Rokde, Chairman of the Gem and Jewellery Council (GJC), on Monday said India’s economic strength must take precedence over individual preferences while supporting the Prime Minister’s appeal for responsible gold consumption.
Addressing a public meeting in Hyderabad on Sunday, PM Narendra Modi urged citizens to avoid non-essential gold purchases for one year, defer unnecessary foreign travel, and adopt Covid-era efficiency measures such as work-from-home arrangements in national interest.
In a statement, Rokde said rising gold imports were exerting pressure on the country’s foreign exchange reserves and current account deficit, while India already possesses thousands of tonnes of idle household gold.
He said the long-term solution lies not only in reducing gold demand but also in unlocking the value of existing household gold through a transparent and regulated Gold Monetisation Scheme (GMS).
According to him, a revitalised and jeweller-integrated GMS could help mobilise idle household gold, reduce dependence on imports, strengthen the formal economy, improve transparency and traceability, and convert dormant gold into productive national capital.
“Nation First. Responsible Gold Ecosystem Next,” he stated.
Avinash Gupta, Vice Chairman of GJC, said gold has always shared a strong emotional and cultural connection with Indian households, but the country must also balance gold demand with broader economic stability.
Supporting the Prime Minister’s vision, Gupta said a robust and regulated Gold Monetisation Scheme could emerge as a sustainable long-term solution for the country.
He said instead of remaining idle in households and lockers, gold could be channelled into the formal economy through GMS, helping reduce imports, ease pressure on the current account deficit, and strengthen India’s financial ecosystem.
“The answer lies not only in consuming less gold, but in utilising existing gold more efficiently,” he added.
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