India jewelry industry pushes gold monetization scheme to cut imports
NewsBytes | May 12, 2026 1:39 AM CST
Jewelry industry proposes GST-only bullion sales
India imports nearly 800 tons of gold each year, but a big chunk, around 200 tons, just sits unused.
The revived GMS could help mobilize idle household gold into the formal economy.
Industry leaders also suggest stricter rules like selling raw bullion only to GST-registered buyers and setting import limits, hoping these steps will support the organized jewelry sector and encourage smarter regulations.
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