National News
GJC Engages With RBI, Ministry of Finance on Gold Monetization Scheme Revamp
The proposed Model is Designed to Address Existing Structural Inefficiencies and Significantly Enhance the Scheme’s Adoption
GJC has been actively engaging with senior officials of the Reserve Bank of India (RBI) and the Ministry of Finance (MoF) to advance a comprehensive revamp of the Gold Monetisation Scheme (GMS).
GJC has submitted a refined, jeweller-integrated framework for GMS, developed through structured stakeholder consultations across the banking, refining, and jewellery sectors. The proposed model is designed to address existing structural inefficiencies and significantly enhance the scheme’s adoption and effectiveness.
The proposed GMS operates within the existing regulatory framework notified by the RBI and the Government of India, ensuring full compliance, institutional oversight, and financial system integrity. The framework builds on the current scheme architecture while introducing operational efficiencies and stakeholder alignment.
A central feature of the proposal is the formal transition towards a digital gold ecosystem, whereby physical gold is converted into dematerialised gold balances held within the banking system through structured account mechanisms.
In recent years, investment demand in gold bullion and coins has witnessed strong and sustained growth, reflecting increasing investor preference for physical gold as a store of value. The revamped GMS framework seeks to effectively leverage this trend by enabling investors to seamlessly monetise such holdings.
The scheme provides an avenue for investors to earn a return on idle gold assets, including bullion, coins, and jewellery, by integrating them into the formal financial system. This converts traditionally non-yielding assets into interest-bearing financial instruments, thereby enhancing portfolio efficiency without requiring liquidation of gold holdings.
The revised framework is anchored on robust governance principles:
• Transparency: End-to-end digital recording of transactions, including deposit, assay, dematerialisation, and credit.
• Traceability: System-based tracking of gold across the value chain, supported by verifiable documentation and audit trails.
• Accountability: Clearly defined responsibilities for all participants, reinforced through KYC compliance, documented consent, and regulatory supervision.
This structure ensures a secure, compliant, and auditable gold monetisation ecosystem, addressing key concerns under the existing scheme.
The proposed framework is expected to materially improve gold mobilisation by leveraging the reach and trust of the jewellery trade. Enhanced mobilisation of idle gold can reduce dependence on imports, support domestic supply, and contribute to the moderation of the Current Account Deficit (CAD).
Further, the shift towards a regulated digital gold framework will strengthen formalisation, improve compliance standards, and enhance overall market efficiency.
Rajesh Rokde, Chairman of GJC, said,

“GJC’s continued engagement with the Reserve Bank of India and the Ministry of Finance reflects our commitment to building a robust and future-ready Gold Monetisation framework. The proposed model integrates jewellers into a regulated, digital ecosystem, significantly enhancing transparency, trust, and accessibility for consumers. By unlocking the value of idle gold, the scheme has the potential to strengthen domestic supply, reduce reliance on imports, and contribute meaningfully to India’s macroeconomic stability.”
Avinash Gupta, Vice Chairman of GJC, said,
“The revamped GMS framework is designed to be practical, scalable, and fully aligned with regulatory expectations. It creates a secure and transparent pathway for gold monetisation, while ensuring accountability across all stakeholders. Importantly, it enables investors to earn returns on idle gold—including bullion, coins, and jewellery—thereby transforming a traditionally non-yielding asset into a productive financial instrument. This will play a critical role in formalising the sector and improving overall market efficiency.”

The trade is encouraged to support this initiative, which represents a significant step towards a regulated, transparent, and digitally integrated gold ecosystem in India, while unlocking value from idle gold holdings.
National News
India’s New Shopping Mindset, Before You Buy Gold, #PehlaCheckIAGES
Bringing Focus On Differentiation and Operational Excellence
– ‘Before You Buy Gold, #PehlaCheckIAGES’.

Indian consumers are being given the choice to make more informed decisions while buying gold. The efforts of the Indian Association of Gold Excellence and Standards (IAGES), a self-regulatory organisation created by the gold industry, are beginning to see the fruits of the groundwork it has put into encouraging a shift in the gold-buying mindset of people with its pan-India awareness campaign
Designed as a nationwide consumer-awareness initiative, the campaign marks a significant step toward formalising credibility in gold buying and introducing a simple but powerful shift—encouraging buyers to verify a jeweller’s credentials before making a purchase. The IAGES accreditation covers the entire value chain, bringing ethical sourcing, compliance, and transparency from the background to the forefront.
Akshaya Tritiya as a Catalyst
This year, the campaign gained significant momentum in the lead-up to Akshaya Tritiya 2026, one of India’s most important gold-buying occasions. During this high-intent, high-traction period, the #PehlaCheckIAGES initiative played a dual role, supporting both consumers and the trade ecosystem.
On the consumer front, the campaign actively shaped buying behaviour by encouraging individuals to verify jewellers before making a purchase. Through strong on-ground and digital visibility, consumers were nudged to prioritise trust and transparency. The simple act of ‘Pehla Check’ reflected a powerful behavioural shift—turning awareness into action.
The impact of the campaign was evident in the noticeable shift in how consumers began paying more attention to who they were buying from, in addition to what they were buying. The IAGES accreditation emerged as the most credible trust marker, with a verified jeweller becoming a non-negotiable starting point for consumers.
Kaushlendra Sinha, CEO, IAGES, said:

“The ‘Before You Buy Gold, #PehlaCheckIAGES’ campaign is rooted in a simple but critical shift—encouraging consumers to make verification the starting point of their gold-buying journey. Akshaya Tritiya 2026 becomes the first year we saw an evolved, informed mindset among gold buyers as well as gold businesses.
By driving preference toward accredited jewellers, we not only empower consumers but also recognise and strengthen businesses that uphold the highest standards of integrity.”
Value for the Trade
The campaign had an equal impact on the trade ecosystem as IAGES accredits stakeholders across the gold value chain based on neutral third-party assessments of sourcing, operations, and business practices. By directing consumer attention toward accredited jewellers, the campaign created a clear point of differentiation and operational excellence in a highly competitive market.
Retailers aligned with these standards benefited from stronger visibility and enhanced consumer confidence during a peak buying period.
More importantly, the campaign reinforced a larger message for the industry—that ethical practices and transparency are not just compliance measures, but drivers of business growth and long-term credibility. At present, the growing IAGES network stands at 100+ accredited partners across India with 550+ partner outlets, listed on the official website.
Pan-India Consumer Outreach
A key strength of the campaign was its wide geographic reach across India, covering metro cities and key markets where IAGES has a strong partner network. It encouraged customers to identify and choose only IAGES-accredited retailers from the partner directory before making their Akshaya Tritiya purchases.
The expansive #PehlaCheckIAGES campaign saw a multi-channel outreach strategy, combining a strong print presence across national and regional publications with an aggressive digital-first approach across OTT, social media, and online platforms, driving engagement across age groups and geographies.
Cinema advertising, influencer-led content, media integrations, out-of-home media, metro train branding, and catchment-led branding across key cities further amplified the message.
The success of the ‘Before You Buy Gold, #PehlaCheckIAGES’ campaign during Akshaya Tritiya 2026 signals a meaningful shift in the way gold is bought and sold in India. It demonstrates that trust—when made visible and verifiable—can influence both consumer behaviour and industry standards. As the campaign continues to grow, ‘Pehla Check’ is poised to become a habit that reshapes the future, making it more accountable and transparent.
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