Jewellers’ association stands with PM Modi’s no gold buying call:Body proposes a scheme to use 1,000 tons of idle temple gold to earn money

The India Bullion and Jewellers Association (IBJA) has backed the government’s move to curb gold demand and has proposed a monetisation scheme for nearly 1,000 tons of idle temple gold. According to the industry body, the proposal could ease pressure on imports and also help protected jobs of the small jewellers, artisans and labourers. We stand with PM Modi: IBJA Gujarat president Following Prime Minister Modi’s appeal to citizens to reduce gold purchases, IBJA’s Gujarat State President Nainesh Pachchigar said the industry has “decided to stand in support of the government” and is holding meetings nationwide to balance national interest with business continuity. According to Pachchigar, the government’s decision to raise excise duty on gold from 6% to 15% will help reduce demand and hence India’s forex outflows. Gold is the second-largest contributor to foreign exchange outflow from the country. India imports around 800 tons of gold annually. -IBJA’s Gujarat State president Nainesh Pachchigar “Many trusts currently hold large quantities of idle gold — nearly 1,000 tons in total. If even a portion of that gold can be utilised, it would help significantly,” he added. The association clarified it is not seeking a permanent transfer of ownership to the government, but rather a scheme to use the idle gold to earn money. Gold Silver prices This week, the price of 1 kg silver increased by ₹12,900 to reach ₹2.69 lakh. Earlier, it was at ₹2.56 lakh last week, ie, on May 9. Meanwhile, gold prices increased by ₹7,132. On May 9, 10 grams of gold was at ₹1.51 lakh, which has now increased to ₹1.58 lakh.