JB Insights
PREFERRED MANUFACTURER OF INDIA
Fostering meaningful business relationships, strengthening brand positioning, enhancing profitability.
The 7th edition of GJC’s PREFERRED MANUFACTURER OF INDIA (PMI) was held from February 16th to 18th, 2025, at Hyatt Regency, Gurugram. It featured a wide range of collections, including gold, diamond, and antique gold jewellery, catering to the diverse needs of the industry. Over 1,800 meetings took place during the three-day event, reinforcing PMI’s role as a key driver of growth in the jewellery sector and helping retailers replenish their stock for the wedding season.
The inauguration in Gurugram, with Honorable MLA Shri Mukesh Sharma lighting the ceremonial lamp, was a landmark event, bringing together 42 leading manufacturers and 200+ prominent retailers from across India
Rajesh Rokde, Chairman, GJC said, “As Chairman of the GJC, I am proud that Preferred Manufacturer of India (PMI) has set a new benchmark. PMI is more than just a platform; it’s a transformative initiative that fosters meaningful business relationships, strengthens brand positioning, and enhances profitability.”
Avinash Gupta, Vice Chairman, GJC said “Over 1,800 meetings took place during the three-day event, reinforcing PMI’s role as a key driver of growth in the jewellery sector and helping retailers replenish their stock for the wedding season.
It was my privilege to be part of the installation of Rajesh Rokde as Chairman, alongside myself as Vice Chairman, and the incoming Board members, marking a significant step forward for our collective vision. PMI continues to stand as a leading platform for meaningful business connections and for setting new benchmarks in the jewellery industry.”
Chetan Thadeshwar, Convener of PMI said “As Convener of PMI, I am thrilled by the success of the PMI. The event brought together over 200 elite retailers and 42 top manufacturers showcasing a premium selection of collections, including gold, diamond, couture and antique gold jewellery.
Even though the gold price is on constant high, the response was outstanding, with retailers refilling their stock for the upcoming wedding season and over 1,800 meetings held, reinforcing PMI’s reputation as the premier platform for industry leaders to connect.
Looking ahead, we are excited for the next show in Goa, from June 10th to 12th, 2025. PMI remains committed to providing a premium space for collaboration, growth, and showcasing the finest in jewellery.”
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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