The Gem & Jewellery Export Promotion Council (GJEPC) has initiated industry-wide consultations to develop a comprehensive proposal on gold monetisation and strategies to help reduce India’s Current Account Deficit (CAD), following preliminary discussions on precious metals held by the Ministry of Commerce & Industry.
Working alongside AIGJC, industry stakeholders, and its members, GJEPC is evaluating measures such as promoting low-carat jewellery, restructuring the Gold Monetisation Scheme (GMS) to unlock idle household gold, encouraging the exchange of old jewellery to strengthen recycling, and discouraging passive gold investments like bars and coins.
The proposed industry framework will not include temple gold, income tax amnesty proposals, or suggestions related to lowering gold import duties. It also advocates greater adoption of hallmarked 9K, 14K, and 18K jewellery, enhanced export incentives for the gems and jewellery sector, and stricter safeguards to curb smuggling activities.
Jewellers are expected to play a central role in implementing these initiatives, supported by systems for declaration, valuation, and monitoring. In addition, mechanisms such as hedging and price protection may be considered to manage fluctuations in gold prices.
GJEPC has requested feedback and suggestions from members by 28 May, and the final consolidated proposal is expected to be submitted to the Government by 5 June 2026.