Responding to Prime Minister Narendra Modi’s appeal to avoid gold purchases for a year in the national interest, All India Gem & Jewellery Domestic Council (GJC) Chairman Rajesh Rokde said the industry respects the Prime Minister’s vision but stressed that the long-term solution lies in monetising India’s vast stockpile of idle household gold.
Rokde said India has nearly 40,000–50,000 tonnes of gold lying unused in homes and lockers and even monetising 10–20% of it through a transparent Gold Monetisation Scheme (GMS) could significantly reduce gold imports for years. He added that the jewellery industry supports over one crore livelihoods and gold remains deeply linked to Indian culture and traditions.
“India’s economic strength must always come before individual preferences. The Prime Minister’s appeal reflects concern over rising imports and pressure on foreign exchange reserves,” Rokde said, adding that GJC has already submitted a jeweller-integrated GMS proposal to the Government of India.
GJC Vice Chairman Avinash Gupta said a stronger and regulated GMS can help reduce import dependence, ease pressure on the economy and bring idle gold into the formal financial system.
He said the answer lies not only in consuming less gold, but in utilising existing gold more efficiently, transparently and productively. Gupta added that gold has always remained emotionally and culturally connected to Indian households, making a balanced and practical policy approach necessary for the sector and the economy alike.