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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

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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.

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National News

Antistatus and Vandals: Jewellery For The Rebellious and The Defiant

These Brands Are Chasing A Consumer Who Has Grown Allergic To Templates.They Do Not Want Jewellery Merely To Signal Wealth, Marital Status Or Social Approval; They Want It To Signal Taste, Nerve and A Point Of View.

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Status? Overrated. Rebellion? Wearable

Antistatus and Vandals are turning jewellery from a badge of conformity into a weapon of self-definition. One is a newly launched statement-silver label with a “Defy the Norm” manifesto; the other is a Mumbai-based avant-garde brand that treats every piece like graffiti. Together, they signal a shift: rebellion is no longer just a mood board—it is the product.

Antistatus: Status, Rewritten

Launched by former VIDA executives Manav Sethi and Pallavi Singh, Antistatus is a statement silver jewellery and lifestyle brand built around a deceptively simple idea: status is not assigned by society; it is defined by you.

The collection leans into biker culture, gothic aesthetics, music and street culture—think handcrafted statement rings, pendants, necklaces, bracelets and belt buckles with enough edge to make a boardroom feel like a back alley. The brand begins with men’s-focused, gender-neutral jewellery, then plans to expand into eyewear, bags and accessories.

Its pitch is not “look expensive.” It is “look like yourself.” Antistatus wants to build a community of people whose identity is theirs to define, not something society hands them with a dress code attached.

Vandals: Luxury with Spray Paint on Its Fingers

Vandals, founded by Vandana M. Jagwani, has been operating from a similarly unruly corner of Indian jewellery. The Mumbai label draws from street art, using jewellery as a way to question the status quo and leave a personal mark.

Its manifesto is explicit: artistic rebellion meets craftsmanship, and luxury is reimagined for “daring souls who defy the norm.” The brand blurs art and jewellery, positioning its audacious designs and sustainable practices as an alternative to safe, predictable luxury.

Where conventional fine jewellery often whispers heritage, Vandals prefers to shout individuality. Every piece is framed as a personal story—less “heirloom in a velvet box,” more “artwork that refuses to behave.”

The New Consumer: Anti-Template, Pro-Story

These brands are chasing a consumer who has grown allergic to templates. They do not want jewellery merely to signal wealth, marital status or social approval; they want it to signal taste, nerve and a point of view.

BrandCore attitudeDesign languageConsumer promise
AntistatusDefy the normBiker, gothic, music and street-inspired handcrafted silverDefine your own status
VandalsRebellion against the ordinaryStreet-art-inspired, avant-garde, sustainable luxuryLeave your own mark

Both are selling permission. Permission to wear silver that looks dangerous. Permission to reject the idea that polish equals propriety. Permission to make luxury feel personal rather than prescribed.

Why This Matters for Indian Jewellery

India’s jewellery market has long been dominated by occasion-led buying—weddings, festivals, gifting and investment. Antistatus and Vandals are carving out a different lane: everyday identity jewellery, where the purchase is emotional, stylistic and cultural rather than ceremonial.

Antistatus’s ambition to become an India-origin premium lifestyle brand with global reach suggests that rebellion is being treated as an exportable design language, not a passing trend. Vandals already demonstrates that Indian consumers will respond when jewellery carries ideology as well as sparkle.

The Verdict

Antistatus and Vandals are proof that the most compelling jewellery today is not necessarily the quietest. It is the kind that starts a conversation, breaks a rule and makes conformity look like the boring option.

In their hands, a ring is not just an accessory. It is a small, shining refusal.From statement silver with a streetwise edge to avant-garde pieces with graffiti in their soul, this is jewellery for the beautifully defiant.

Antistatus and Vandals are proving that the boldest jewellery isn’t made to blend in—it’s made to break rules, start conversations and define you on your own terms.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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