Modi urges less gold buying as jewellers pitch bullion bank and new monetisation to save forex

Published on 12 May 2026

A bullion bank proposal could cut imports by 300 tonnes

With India’s forex under pressure, jewellers and goldsmiths say the answer is not sacrifice but restructuring. The All India Jewellers and Goldsmith Federation propose a dedicated bullion bank and improved gold monetisation schemes, aiming to cut annual gold import dependence by 200 to 300 tonnes and reduce the widening trade and current account deficits driven by price surges.

Jewellers propose a dedicated bullion bank to manage gold demand
Revamped gold monetisation schemes could reduce annual imports by 200 to 300 tonnes
Rising gold prices are deepening India’s trade and current account deficits
The effort targets forex conservation without asking consumers to cut back

#forex #gold monetisation #trade deficit #jewellers #gold imports

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This summarization was done by Beige for a story published on The Economic Times

Modi urges less gold buying as jewellers pitch bullion bank and new monetisation to save forex

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