Jewellers may be louped in for idle gold mobilisation

The government is considering a revamped Gold Monetisation Scheme (GMS) that would, for the first time, allow jewellers to participate in mobilising around 30,000 tonnes of idle gold held by Indian households. The proposal, shaped through recent meetings involving senior ministers, the RBI, banks and industry, aims to reduce dependence on imported gold amid soaring prices and a 15% import duty. The revamped scheme is expected to be announced in August, ahead of the festive season.