Amid Prime Minister Narendra Modi’s appeal to curb gold purchases due to the ongoing West Asia conflict, industry bodies from the gems and jewellery sector are preparing to urge the government to revive and strengthen the Gold Monetisation Scheme.
Domestic gold mobilisation and recycling could be a better solution to foreign exchange problems rather than deferring purchases, which could threaten the livelihoods of 35 million people, jewellery industry body 'All India Jewellers and Goldsmith Federation' said on Monday. The body has called for an overhaul of the country's gold mobilisation framework instead of deferring purchases of the precious metal as suggested by Prime Minister Narendra Modi.
