GJC on PM’s Gold Appeal: Push for Monetisation Over Reduced Consumption

Mumbai | Maharashtra — India’s gold industry has responded to Prime Minister’s appeal for restrained gold consumption, with the Gem & Jewellery Council (GJC) emphasizing that the focus should shift from limiting demand to better utilising existing gold reserves already lying idle in households across the country.

GJC Chairman Rajesh Rokde said India’s economic priorities must remain central while addressing concerns over rising gold imports and pressure on foreign exchange reserves.

“India’s economic strength must always come before individual preferences. Hon’ble Prime Minister’s appeal regarding responsible gold consumption reflects the larger national concern of rising imports and pressure on foreign exchange reserves,” Rokde stated. He added that India already holds thousands of tonnes of unused household gold and the real opportunity lies in activating it through a stronger system.

He highlighted the need for a revitalised and jeweller-integrated Gold Monetisation Scheme, saying it could mobilise idle gold, reduce import dependency, strengthen the formal economy, and improve transparency.

Vice Chairman of GJC, Avinash Gupta, echoed similar sentiments, stressing the cultural importance of gold while acknowledging economic challenges.

“Gold has always been emotionally and culturally connected to Indian households. But today, the nation also faces the challenge of balancing gold demand with economic stability,” Gupta said.

He further added that a robust Gold Monetisation Scheme can convert idle gold into productive national capital. “Instead of idle gold remaining locked in households and lockers, GMS can channel it into the formal economy — reducing imports, easing CAD pressure and strengthening India’s financial ecosystem.”

The GJC believes that the solution lies not only in reducing consumption but in building a transparent, efficient system that unlocks existing gold assets for national growth.