National News
Malabar Gold & Diamonds Supports Prime Minister Narendra Modi’s Appeal On Gold; Submits Proposal To Strengthen Gold Monetisation Scheme
Encourages Recycling, Reuse, and Circulation Of Existing Gold Within India As A Responsible National Priority
Malabar Gold & Diamonds has submitted a comprehensive proposal to the Government of India recommending strategic enhancements to the Gold Monetisation Scheme (GMS), expressing its wholehearted support to Prime Minister Narendra Modi’s appeal on responsible gold consumption and the need to strengthen India’s economic resilience through better utilisation of domestic gold resources.
The proposal, submitted by M.P. Ahammad, Chairman, Malabar Group, to Hon’ble Finance Minister Smt. Nirmala Sitharaman and Hon’ble Commerce & Industry Minister Shri Piyush Goyal, outlines practical measures aimed at increasing public participation in GMS, mobilising idle gold into the formal economy, and encouraging greater recycling, reuse, and circulation of existing gold within India.
India imports nearly 700–800 tonnes of gold annually, resulting in significant foreign exchange outflows and pressure on the current account deficit. At the same time, Indian households and institutions are estimated to hold nearly 25,000–35,000 tonnes of gold in the form of jewellery, coins and bars, much of which remains economically idle.
Malabar Gold & Diamonds stated that greater focus on recycling, exchange, reuse, and monetisation of existing domestic gold can play an important role in reducing import dependency, limiting dollar outflow, and strengthening the Indian economy over the long term.
Commenting on the proposal, M.P. Ahammad, Chairman, Malabar Group, said:

“India possesses one of the world’s largest privately held gold reserves while continuing to rely significantly on imports to meet domestic demand. We wholeheartedly support the Hon’ble Prime Minister’s appeal and believe that encouraging responsible utilisation, recycling, and circulation of existing gold within the country is an important national priority. With appropriate policy support and active integration of the organised jewellery sector, the Gold Monetisation Scheme can emerge as a highly effective mechanism for mobilising idle gold into the formal economy.”
The proposal notes that while the Gold Monetisation Scheme was introduced to reduce import dependence and monetise idle domestic gold holdings, public participation remained limited due to longer lock-in periods, lower perceived returns, limited redemption flexibility, and procedural challenges.
To improve effectiveness and adoption of the scheme, Malabar Gold & Diamonds has recommended:
- Integration of organised jewellers into the GMS framework under regulatory oversight
- Reduction in minimum deposit quantity from 10 grams to 1 gram
- Flexible redemption options in either gold weight or cash
- Lower lock-in periods and improved liquidity options
- Simplified Aadhaar-based e-KYC procedures
- Customer incentives through jeweller participation, including loyalty-linked benefits
- Improved transparency in purity testing, valuation, and refining
- Consideration of GST waiver on gold brought back into the formal system
- Alignment of GMS with Gold Metal Loan (GML) frameworks for better utilisation within the industry
The proposal also recommends a jeweller-assisted collection and facilitation framework operating under bank and regulatory supervision, with digital tracking systems and transparent processing mechanisms to improve customer confidence and operational efficiency.
According to the proposal, mobilisation of even 1–2% of India’s domestic gold holdings could potentially release nearly 600–700 tonnes of gold into circulation, equivalent to a substantial portion of the country’s annual gold import demand.
Malabar Gold & Diamonds believes that encouraging recycling, reuse, exchange, and monetisation of existing gold within India can become a meaningful economic lever for the country. The company stated that a stronger and more accessible Gold Monetisation Scheme can help reduce import dependence, lower foreign exchange outflows, improve circulation of domestic gold resources, and contribute towards building a more resilient and self-reliant economy in line with the Hon’ble Prime Minister’s vision.
National News
The Invisible Giant Behind India’s jewellery Industry Turns 30
Kama Jewelry Marks Three Decades Of Fine Jewelry Manufacturing — 1,200 Craftspeople, 260+ Clients Across Four Continents, and A 27% CAGR
Kama Jewelry Private Limited, India’s leading fine jewelry manufacturer, today marks its 30th anniversary — a milestone defined not by celebration alone, but by a record that few Indian manufacturers can match.
Founded on 27th May 1996 by Colin Shah, a first-generation entrepreneur from a family of doctors, Kama began with a single premise: do the right thing, every time, even when no one is watching. Three decades later, that premise has produced one of India’s most quietly consequential manufacturing businesses.
Operating from SEEPZ Special Economic Zone in Mumbai, Kama runs four specialist plants — covering 18KT gold, natural diamonds, platinum, and CNC machine-made jewelry — serving clients across India, the United States, the UAE, and Europe.
THE NUMBERS
Kama’s FY26 growth represents a 30-year compound annual growth rate of 27.1% — generated entirely without external capital. Its post-pandemic CAGR of 16.8% confirms the recovery trajectory is accelerating. FY27 target represents 23% growth, with output planned at 6.75 lakh pieces and across its export and domestic divisions.
THIRD-PARTY RECOGNITION
The Gem and Jewellery Export Promotion Council (GJEPC), operating under the Ministry of Commerce, recognised Kama as the Largest Diamond Jewelry Exporter in two consecutive years — an award based on audited customs data, not self-declaration. Kama holds a BBB Stable credit rating, maintained through demonetisation, GST transition, COVID, and gold prices reaching an all-time high of Rs.1,51,366 per 10 grams.
A TIMELY MILESTONE
Kama’s anniversary arrives at a structurally significant moment for Indian jewelry manufacturing. The India-US bilateral trade framework finalised in early 2026 reduced jewelry tariffs from over 50% to 16% — creating what GJEPC estimates as a near-term export opportunity of $3 billion. India’s effective tariff rate on jewelry exports to the US now sits below China’s for the first time, making Indian manufacturers the preferred supply chain alternative for US buyers diversifying away from Chinese sourcing.
Kama, with 60+ existing US clients and three decades of verified export experience, is positioned to capture this opportunity immediately — without needing to change its product mix or infrastructure.
GOVERNANCE AND FINANCIAL DISCIPLINE
Kama is one of the few private manufacturers in India that operates with the governance infrastructure of a listed company. Four independent audit and compliance bodies oversee the business: statutory audit, internal audit, tax, and US audit. The company carries a BBB Stable credit rating maintained through every economic shock of the past three decades.
Unlike many manufacturing businesses at this scale, Kama is not promoter-dependent. Senior leadership averages over 20 years of tenure. Functional heads across sales, manufacturing, design, finance, and HR operate with independent accountability. SAP ERP has governed operations since 2013 — built proactively, not in response to any requirement.
CULTURE AND CONTINUITY
Colin Shah, Founder & CEO, Kama Jewelry said:

“Kama is not 30 years old. Kama is 30 years young. We began with belief. We grew with discipline. We lead with trust. The best chapters are not behind us — they are waiting to be written.”
The company’s 1,200 craftspeople are employed directly on payroll — not through contract arrangements — preserving fine jewelry stone-setting skills that are disappearing globally as automation advances. This is a deliberate, costly choice that gives Kama quality control and craft depth no competitor replicates at scale.
Colin Shah served as Chairman of the GJEPC from 2020 to 2022, leading the industry through the most disruptive period in modern trade history. The company has also recently launched a CNC manufacturing facility and is conducting production trials in CNC 9-axis machining, binder jetting, and hot isostatic pressing — technologies it describes as preparing before being required to.
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