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:Â Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers:Â 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.
National News
This Men’s Day, say it with Candere: Jewellery Gifts he didn’t know he needed
Candere by Kalyan Curates Contemporary Diamond, Gold and Platinum Jewellery for Meaningful Men’s Day Gifting
Finding the perfect gift for the men in our lives can often be a challenge, especially when they seem to have everything. With International Men’s Day around the corner, it is an opportunity to look beyond the usual watches, wallets and fragrances and choose something more personal and enduring. Men’s jewellery has increasingly become a part of contemporary style, with bracelets, rings, chains and ear studs emerging as versatile accessories that allow men to express their individuality. From understated everyday pieces to more distinctive designs, jewellery can add character to an outfit while reflecting one’s personal style.
This Men’s Day, celebrate the special men in your life with jewellery that is as individual as they are. From diamond bracelets and contemporary rings to platinum chains and kadas, Candere by Kalyan offers a curated selection of pieces that bring together contemporary design, versatile styling and thoughtful gifting. After all, sometimes the most meaningful way to celebrate someone is to give them something that reflects who they are — Say it with Candere.
Here’s a curated edit of Diwali gifts from Candere by Kalyan to make the occasion more memorable:
Royal Diamond Mens Bracelet
The Royal Diamond Men’s Bracelet combines the classic appeal of gold with striking diamond detailing and a distinctive black centrepiece. Its contemporary design adds a refined touch to men’s everyday styling, making it a versatile accessory for both formal and casual occasions. Pair it with a crisp shirt and tailored trousers for a polished look or style it with a casual T-shirt and jeans for a relaxed weekend ensemble. Wear it on its own for a clean, understated finish or alongside a watch for a more layered look.
Alex Diamond Mens Ring
The Alex Diamond Men’s Ring brings together a classic gold finish with contrasting black detailing and diamond accents in a contemporary design. Its distinctive appearance makes it an interesting choice for men who enjoy adding subtle yet noticeable details to their outfits. Style it with a formal shirt or a well-fitted blazer for an evening gathering or pair it with a casual ensemble to add character to everyday dressing. Keep other accessories minimal to let the ring stand out.
Luke Diamond Ear Stud for Men
The Luke Diamond Ear Stud for Men offers a contemporary take on men’s jewellery with its diamond detailing. Its compact design makes it an easy addition to everyday styling while bringing a subtle touch of sparkle to the overall look.
Pair it with a casual shirt, denim jacket or a simple T-shirt for an effortless everyday look. It can also complement a smart-casual outfit for an evening out, adding a distinctive finishing touch without overpowering the ensemble.
Jeff Platinum And Diamond Chain
The Jeff Platinum and Diamond Chain brings together the sophisticated appeal of platinum with sparkling diamond detailing. Its contemporary design offers a refined approach to men’s jewellery, making it a distinctive addition to both every day and occasion wear.
Wear it with a solid-coloured shirt or a simple T-shirt to let the chain stand out. For a more dressed-up look, pair it with a blazer or an open-collar shirt, keeping the rest of the accessories understated.
Twin Arrow Platinum Kada
The Twin Arrow Platinum Kada brings a contemporary touch to the traditional kada with its platinum finish and distinctive design. Its clean silhouette makes it an appealing choice for men who appreciate accessories that balance classic styling with a modern aesthetic.
Pair it with a kurta for a family celebration or style it with a shirt and trousers for a smart-casual look. Wear it on its own to highlight its design or alongside a watch for a more personalised approach to wristwear.
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