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The All-India Gems & Jewellery Trade Federation says the jewellery industry may come to a standstill if the Government continues to curb gold imports any further without ensuring supply of gold to jewellery manufacturers through other means.
It suggests the Government introduce gold deposit schemes and encourage consumers to unlock the value in gold through monetisation of idle gold stock. It also should ban high net worth individuals and bullion dealers from parking their surplus funds in raw bullion and other precious metals.
“This can effectively bring down gold import by at least 100 tonnes a year,” said Anantha Padmanaban, Regional Chairman and Director of the trade federation. Just curbing gold imports without ensuring supply to the jewellery industry would only encourage import of gold through illegal channels, he said.
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