Leading jewellery retailers on Tuesday said greater focus on recycling, exchange, reuse, and monetisation of existing domestic gold can help reduce import dependency, rather than deferring purchases, which could threaten the livelihoods of millions of people. Senco Gold CEO and MD Suvankar Sen stated that the economy is passing through a challenging phase where the current account deficit is under pressure and imports need to be controlled. “However, consumer jewellery buying is not directly connected to fresh gold imports alone, since a large part of the industry already functions through old gold exchange and recycled gold. It is also important that the nearly 20,000 tonnes of gold available within the Indian economy, across household, temple, and investment holdings, is mobilised for domestic consumption,” he stated.

 

He said the jewellery industry plays an important role in supporting employment for karigars and artisans across the country. “Our endeavour is to fulfil consumer demand while also contributing toward reducing dependence on fresh gold imports for the benefit of the country. Along with a collaborative approach involving the government, banks, and various stakeholders, we shall continue working toward strengthening the economy,” he added. Kalyan Jewellers India Managing Director T S Kalyanaraman said a stronger domestic recirculation ecosystem can sustain employment in the jewellery sector and help states preserve GST revenues linked to organised trade. “The Nation First Gold4India Initiative is far beyond just a promotional campaign.

 

The initiative will strive to spark a behavioural shift in consumers, from viewing gold solely as a static asset preserved indefinitely, to recognising it as a renewable domestic resource capable of continuously generating economic value within the country,” he stated. If even a fraction of this inactive gold can be responsibly brought back into circulation, India can potentially reduce incremental dependence on imported gold without disrupting consumer aspirations or cultural traditions, he added.