GJC Meets RBI Deputy Governor to Discuss Gold Monetisation Proposal

Mumbai: A delegation from the All India Gem and Jewellery Domestic Council met Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, to discuss the proposed Gold Monetisation Scheme and its potential role in supporting the gems and jewellery industry.

The delegation comprised GJC Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta and National Secretary Mitesh Dhorda. The meeting was also attended by senior officials from the RBI.

During the meeting, the GJC delegation made a detailed presentation on the proposed Gold Monetisation Scheme. According to GJC, the RBI team appreciated the concept and acknowledged the proposal as an innovative initiative with the potential to benefit both the industry and the nation.

The Gold Monetisation Scheme remains an important subject for the gems and jewellery sector as India continues to hold significant quantities of idle gold. A structured and effective monetisation framework can help bring such gold into the formal economy, improve gold circulation and create broader value for stakeholders across the trade.

For the jewellery industry, the proposal is significant as it can support greater transparency, improve access to organised gold channels and encourage more productive utilisation of the country’s gold reserves. It may also help create a stronger link between policy objectives and the practical needs of the domestic gems and jewellery sector.

GJC’s engagement with the RBI reflects the council’s continued effort to represent industry concerns before key regulatory and policy-making institutions. The council has been working towards initiatives that support sustainable growth, formalisation and long-term stability within the gems and jewellery ecosystem.

GJC stated that it remains committed to working closely with all stakeholders in the larger national interest and for the sustainable growth of the gems and jewellery industry.