Tucked away in temples, velvet pouches, and secret wooden drawers across India lies a staggering $5 trillion fortune doing absolutely nothing. It’s not stocks, cash, or even cryptos; it’s the nation’s favourite, age-old shiny obsession: gold (and jewellery).
However, the situation may soon change. The government is reportedly planning to revamp its flagship Gold Monetisation Scheme (GMS) to turn this massive hoard of idle metal into an active economic asset. It may not be easy, given Indian households’ fixation with gold, but the government this time, as per the proposal, is delegating the responsibility for this scheme to jewellers, one group that people trust with their treasure.
This will be the first time that the participation of jewellers is being sought to boost the appeal of the scheme, which is expected to be rolled out later this month. “We are awaiting just one or two final approvals, and most of the approvals have been sought,” Rajesh Rokde, Chairman, Gems & Jewellery Council, told ET Online .
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He said the scheme would help mobilise idle household jewellery into the formal financial system. “Utilising this mobilised gold as raw material for the jewellery industry will directly reduce India’s gold imports.”
