Even as Prime Minister Narendra Modi urges people not to buy gold, India’s gems and jewellery sector is asking the government to strengthen the Gold Monetisation Scheme. Industry bodies argue that mobilising idle gold from homes and recycling it can help address foreign exchange pressures, while avoiding the livelihood risks they say come from deferring gold purchases.
After Prime Minister Narendra Modi’s appeal to postpone gold buying, India’s gems and jewellery sector is warning of potential pain for jewellers. The GJC says instead of delaying demand, the government should unlock existing household gold via the Gold Monetisation Scheme to cut imports, ease pressure on foreign exchange, and respond to the West Asia crisis. Officials are being urged to reconsider.
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