Connect with us

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

Published

on

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.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

National News

Vibrant Hues Of Celebration: Elevate Your Navratri Look With Kalyan Jewellers’ Huescape Collection

Kalyan Jewellers’ Huescape Collection Blends Handcrafted Gold With Vibrant Gemstones, Bringing A Contemporary Burst Of Colour To Navratri Celebrations.

Published

on

Celebrating the power, grace, and vibrant energy of the feminine spirit during Navratri, the world of fine jewellery is witnessing a refreshing shift from traditional all-gold ensembles to radiant, gemstone-adorned creations. As each day of the festival highlights a distinct color palette and mood, today’s modern women seek versatile adornments that express their personal style while honoring heritage. Capturing this essence of festive transformation, Kalyan Jewellers presents the Huescape Collection, a refined celebration where meticulously handcrafted gold meets a delicate palette of pastel and vibrant gemstones. Perfectly suited to elevate both daytime festive rituals and lively Garba evenings, each creation seamlessly complements the nine colors of Navratri, delivering heirloom-worthy jewellery that remains both timeless and contemporary.

Pastel Heritage Set

Perfect for Navaratri’s vibrant nine-day celebrations, this gold choker and earring duo reimagines heritage craft with a playful pastel twist. Rounded gemstones in ametrine, aquamarine, morganite, prehnite, chrysoprase and sunstone bring soft pops of colour to intricate gold detailing, making it a versatile choice for festive dressing. The ornate craftsmanship is balanced by a light, contemporary mood, reflecting the growing appeal of coloured gemstone jewellery among modern brides and jewellery enthusiasts.

The matching earrings add gentle movement and pastel charm, while the set brings a refreshing modernity to traditional festive dressing ideal for adding a pop of colour to Navaratri celebrations and beyond.

Pastel Mosaic Necklace Set

A tapestry of design, this long necklace pairs intricate gold craft with pastel stones in aqua, blush, and amber tones, featuring aquamarine, morganite, sunstone, and prehnite. The centrepiece glows with a mosaic of gemstones, framed by layered golden detailing, while delicate pearl strands soften the look with fluidity. Perfect for Navaratri’s nine days of colour and celebration, the necklace brings a vibrant yet elegant touch to festive dressing.

Matching earrings echo the pastel play, balancing tradition with a modern sensibility. An artistic statement that turns jewellery into wearable design, reflecting the growing allure of coloured gemstones among contemporary connoisseurs and modern brides.

Pastel Harmony Necklace Set

Gold meets colour in perfect balance, making this necklace avibrant choice for Navaratri’s nine days of festive dressing. Gemstones like blush-pink morganite, softblue aquamarine and earthy tiger’s eye are set against intricate gold detailing, creating a rich yet contemporary palette. The necklace flows with ornate motifs and delicate dangling elements that add lightness and rhythm, while a central green chrysoprase stone brings depth and contrast to the design. Matching earrings highlight soft pink morganite drops with a playful finish.

A statement that brings together the richness of traditional craftsmanship with the joyful colours and modern spirit of Navaratri.Pastel Harmony Necklace Set Gold meets colour in perfect balance, making this necklace a vibrant choice for Navaratri’s nine days of festive dressing. Gemstones like blush-pink morganite, softblue aquamarine and earthy tiger’s eye are set against intricate gold detailing, creating a rich yet contemporary palette. The necklace flows with ornate motifs and delicate dangling elements that add lightness and rhythm, while a central green chrysoprase stone brings depth and contrast to the design. Matching earrings highlight soft pink morganite drops with a playful finish. A statement that brings together the richness of traditional craftsmanship with the joyful colours and modern spirit of Navaratri.

Pastel Radiance Necklace Set

A golden canvas brought to life with gemstones in lilac ametrine, aqua aquamarine, blush morganite and deep berry hessonite garnet, this necklace captures the vibrant spirit of Navaratri. The centrepiece features a striking green chrysoprase, framed by pastel accents and intricate gold danglers, creating a rich interplay of colour and craftsmanship. Each gem along the neckline adds its own hue to the spectrum, echoing the joy and vibrancy of the nine-day celebration. The earrings complement the necklace with stacked colour and ornate goldwork, bringing a festive finish to the look. A radiant expression of tradition reimagined through a softer, contemporary palette.

Pastel Blossom Necklace Set

Teardrop green chrysoprase gemstones framed in delicate pearls form the heart of this gold necklace, bringing a fresh pop of colour to Navaratri dressing. Blush-pink rhodochrosite stones add a soft contrast, creating a harmonious pastel palette that complements the vibrancy of the nine-day celebration. Ornate gold detailing flows around each gem, adding depth and texture, while matching earrings mirror the teardrop motif, balancing boldness with grace. Rooted in traditional craftsmanship yet painted in lighter, contemporary hues, the set brings an elegant and modern touch to festive celebrations

Pastel Prism Necklace Set

A radiant line-up of gemstones in lilac amethyst, rich emerald, deep ruby and soft rose quartz, each framed in gold, brings the vibrant spirit of Navaratri to life. The necklace forms a rhythmic pattern, with every gemstone adding a distinct brushstroke of colour, echoing the joy and energy of the nine-day celebration. Dangling gold motifs introduce light movement, enhancing its playful charm, while matching earrings carry the same vibrant palette in a compact form. A striking expression of festive elegance that transforms traditional gold into a kaleidoscope of soft, modern hues.

Continue Reading

Trending

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.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x