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FM: RBI’s gold buying not to replace $ for settlements

FM Nirmala Sitharaman on Monday clarified in the Lok Sabha that India’s rising gold reserves, including those held by RBI, is not intended to replace any international currency.

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She responded to Congress MP Manish Tiwari’s concerns about whether the global shift towards gold signalled a move away from the US dollar as a dominant settlement mechanism.

Sitharaman said, “Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage.”

Congress MP Tiwari stated that since the US abandoned the gold standard in 1971, gold had lost its significance as a major financial asset. However, in recent years, central banks worldwide have increased their gold holdings. From constituting only 6% of global reserves in 2006, gold now makes up about 11% in 2024. Countries like China, India, Poland, and Turkey have been among the most aggressive buyers, and domestic gold prices in India have surged as well. He asked “this shift away from the dollar to gold, does it indicate a renewed search for an alternative international settlement mechanism being cost the dollar?”

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National News

iAMORY Goes Mobile: D2C Jeweler Debuts App to Disrupt India’s ‘Counter-Led’ Retail

By bridging the trust gap with lab-grown diamonds and 925 silver, the new iOS and Android platform aims to become a “digital counter” for the modern consumer.

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Following a successful physical debut in Mumbai, jewelry brand iAMORY has officially launched its mobile application on Android and iOS. The move signals a strategic shift to scale its direct-to-consumer (D2C) presence, targeting the rapidly evolving digital habits of Indian shoppers.

The app launch is designed to solve the “discovery fatigue” and lack of transparency often associated with traditional jewelry buying. By focusing on the 925 sterling silver and lab-grown diamond (LGD) segments, iAMORY is positioning itself at the intersection of affordability and fine jewelry.

A “Digital Counter” Experience The platform introduces several features aimed at building consumer confidence in high-value online purchases:

  • Total Transparency: Real-time access to metal purity details, diamond certifications, and clear pricing breakdowns.
  • Mobile-First Design: A seamless interface featuring AI-driven notifications, wishlists, and secure “one-tap” checkouts.
  • Exclusive Access: App users will receive priority access to limited product drops and specialized discounts not available on the web or in-store.
Archit Jain,

Archit Jain of iAMORY noted that the power dynamic in the industry is shifting. “Digital adoption is democratizing jewelry,” Jain stated. “It is shifting power from family-led counters to digital-first, design-led brands that prioritize transparency, speed, and storytelling.” He describes the app as a “digital counter” where users can instantly compare prices and access social proof.

iAMORY plans to continuously iterate on the app experience, with upcoming updates slated to include advanced personalization tools, AI-driven loyalty mechanisms, and interactive content formats to deepen customer engagement.

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