Modi warns on gold buying as jewellers pitch mobilising idle gold stocks fast

Jewelers want a bullion bank to turn idle gold into savings

Even as Prime Minister Narendra Modi urges restraint on gold purchases, the All India Jewellers & Goldsmith Federation is proposing to mobilise India’s idle gold instead of relying on fresh imports. The body calls for a bullion bank and a revamped gold monetisation scheme, arguing it could cut import dependence while protecting the livelihoods of 35 million people.