Now you can deposit gold with jewellers too:Govt may announce new Gold Monetisation Scheme

Now you will be able to deposit your gold with jewelers (bullion traders) just like a bank locker. According to media reports, the government may announce a new and updated ‘Gold Monetisation Scheme’ (GMS) within the next two weeks. In the new scheme, bullion traders across the country may be included as ‘collection partners’, enabling them to collect gold from common people. Earlier, only banks were permitted to collect gold. New scheme expected to mobilize 1000 tons of gold The ‘All India Jewellers and Goldsmiths Federation’ (AIJGF) has said that making jewellers collection partners under the new framework will accelerate the collection of gold kept in households. It is expected that the government will be able to mobilize more than 1,000 tons of gold from the market. India’s bullion traders and jewellery associations had demanded changes in the rules of this scheme from the government. They had said that there should be no impact on the demand for gold in the country and the livelihood of people associated with this sector, while also reducing gold imports from abroad. According to media reports, if even just 5% of the total gold held by Indian families is deposited in this new scheme, it would bring liquidity of about $90 billion (approximately ₹8.57 lakh crore) into the country’s market. This step by the government came after Prime Minister Narendra Modi’s appeal in which he asked people of the country not to buy gold for one year. Benefits of the New Gold Monetization Scheme