National News
GJNRF Receives Prestigious Award for Outstanding Contribution to Social Consciousness
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The Gem & Jewellery National Relief Foundation (GJNRF) was honored with the “Award for Outstanding Contribution to Social Consciousness” at the World CSR Day event held at Taj Lands End, Bandra. Presented by the World CSR Congress and Awards, this accolade celebrates GJNRF’s impactful work in corporate social responsibility, sustainability, and community development. The foundation has been recognized for its tireless efforts in improving social welfare, promoting environmental sustainability, and driving positive change within the gem and jewelry industry.
GJNRF’s initiatives, ranging from education and healthcare to disaster relief, have made a lasting impact on marginalized communities and environmental preservation. This prestigious award reflects the foundation’s commitment to fostering social consciousness and creating a better future through corporate responsibility, collaborating with industry leaders, non-profits, and government bodies to create lasting, transformative change.
National News
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Precious Metals Refineries Forum (PMRF) Has Proposed A Two-Track System To Manage Gold More Efficiently
Following Prime Minister Narendra Modi’s call to reduce gold imports and foreign travel, major Indian bullion and jewellery bodies have submitted a new plan to the government and the Reserve Bank of India (RBI). The strategy aims to lower the nation’s trade deficit by tapping into the estimated 30,000 tonnes of gold sitting in Indian households.
This move comes after India’s gold imports jumped 24% to a record $71.9 billion in the 2025-26 financial year, with over 721 tonnes of gold brought into the country.
The New Strategy: Two Separate Systems
The Precious Metals Refineries Forum (PMRF) has proposed a two-track system to manage gold more efficiently:
- For Exporters: Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers: Domestic demand should be met entirely by recycling household gold. This gold would be collected from citizens, refined locally, and sold back through jewellers and retailers.
Under this plan, people who deposit their idle gold could earn 2% to 2.5% interest, while businesses taking gold loans would pay an interest rate of 3% to 4%.
Fixing Why Past Schemes Failed
Previous government gold schemes failed to gain traction primarily because they left out local jewellers and lacked a proper banking structure. Without a joined-up system, institutions faced high financial risks from changing gold prices.
To fix this, trade bodies are calling for a complete system that includes:
- Direct involvement of trusted local jewellers. The schemes did not take off in the past because jewellers were not part of them. About 10% to 20% of family gold is held as bars or coins.
- Strong bank backing and secure storage vaults across the country.
- Tax incentives, such as removing the 3% GST loss when physical gold is converted into Electronic Gold Receipts (EGR), and offering income tax relief on the interest earned.
Industry Support
Industry experts say a smooth system is already possible. Collection and purity testing centres have confirmed that collected household gold can be processed within 48 hours and safely moved to secure, bank-approved vaults.
Representatives from the Indian Bullion and Jewellers Association (IBJA) recently held discussions with RBI officials to fast-track these changes.
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