JB Insights
Laxmi Diamonds, Bengaluru unveils state-of-the-art factory and R&D centre at Mumbai
The centre will feature cutting-edge advancements in jewellery manufacturing technology
Laxmi Diamonds Bengaluru unveiled a state-of-the-art factory and R&D centre at MIDC, Andheri East,Mumbai with the who’s who of GJ industry in attendance.The formal inauguration was conducted by Chief Guests Kirit Bhansali, Chairman -GJEPC, Prithviraj Kothari, National President IBJA, Rajesh Rokde, Chairman -GJC along with Saiyam Mehra, IPC- GJC, Sriram Natarajan, MD – GIA India, Sanjay Kothari, Past Chairman GJEPC, Colin Shah, Past Chairman GJEPC, Uday Chinai, BVC, Dilip Shah, Veer Gems, Sahil Mehra, GJC, Surendra Mehta, National Secretary IBJA and numerous dignitaries from GJ industry. Representing Laxmi Diamonds, Bengaluru were Dr Chetan Kumar Mehta, Deepak Mehta , Shubham Mehta and Bharat Mehta.
Speaking at the inauguration, Dr Chetan Kumar Mehta, CMD – Laxmi Diamonds, Bengaluru said, “Today marks a significant milestone for all of us at Laxmi Diamonds, as we proudly inaugurate our new state-of-the-art factory and R&D Centre in MIDC, Mumbai. Close-setting diamond jewellery, a design rooted in South Indian tradition with a 5000 year legacy, has long been a hallmark of cultural craftsmanship.
This factory is dedicated to our valued clients, whose unwavering support has been instrumental in our journey. It will serve as a hub for cutting-edge research, creativity, and the development of designs that blend tradition with modernity. We are deeply grateful to our industry peers, artisans, supporters, friends, and family. Your belief in our vision fuels our growth and strengthens the future of our craft.With this new centre, we are not only investing in infrastructure — we are investing in the cultural legacy of diamond jewellery and the continued growth of the industry.”
JB Insights
India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports
With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.
India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.
Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.
The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.
According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.
Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.
The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.
Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.
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