JB Insights
Coffee with Dr Chetan Kumar Mehta In conversation with Dr B Govindan
Dr Chetan Kumar Mehta showcased the various facets of an icon of the jewellery industry:Dr B Govindan, Chairman -Bhima Jewellers, State President -AKGSMA, South Zonal Chairman – GJC, South India Head- IBJA, Chairman – KIJF.
Dr Govindan, who wears so many hats, opened his heart out as he charted his journey as an 8th standard student who was fascinated by his father’s jewellery business.His father , the legendary K. Lakshminarayana Bhattar instilled in him the ethics and honesty that was the cornerstone of a successful business.Dr Govindan learnt the “gold is Laxmi, and purity of gold in jewellery is not negotiable.”This was the mantra that earned Bhima the respectability and acceptance from consumers.
Dr Govindan spoke on how understanding the consumers taste, constant innovation to draw the consumer into the showroom was critical.His story of introducing Akshaya Tritiya in Kerala and creating a gold buying frenzy was legendary.
His passion and never say die attitude was evident when he spoke of the way he established his business in Trivandrum after the family business separation, resulting in 20 showrooms and Rs 8500 crore turnover.Bhima will be coming out with an IPO soon; also there are plans for opening 6 to 12 showrooms in the next year.
Dr Govindan, opened his heart out on fate, faith and God.He had summon all his inner strength to accept the death of his one month old son.He said one should have faith, one’s thoughts and actions should be morally right with a belief that a superior power is watching you.
In conclusion Dr Chetan Kumar Mehta thanked Dr Govindan for opening his heart out and inspiring the entire industry.He thanked the audience for their presence and all who joined the scintillating conversation on the YouTube channel.
JB Insights
India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports
With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.
India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.
Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.
The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.
According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.
Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.
The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.
Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.
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