The All India Gems and Jewellery Federation (GJF) launched the Rashtriya Swarna Nivesh programme at its 8th Anual General Meeting recently. The scheme is meant to bring the idle gold back into ciruculation.
MUMBAI: A leading Jewellery association in India has launched a scheme to collect 1000-1500 tons of idle gold lying in households and temple trusts and thus help government efforts to reduce gold imports and curb current account deficit (CAD).
The All India Gems and Jewellery Federation (GJF) launched the Rashtriya Swarna Nivesh programme at its 8th Anual General Meeting recently. The scheme is meant to bring the idle gold back into ciruculation.
Mr. Ashok Minawala, Past Chairman, GJF, said, "The Rashtriya Swarna Scheme can be a pioneering initiative to help the Indian Government’s national agenda of reducing import of gold and discovering alternative sources of gold. Eligible jewellers will work as nominated agents of the Bank and will help collect unused and idle gold from households and temple trusts. In three years, we can help mobilise 1,000 to 1,500 tonnes of unused/ idle gold and make India free from importing gold for domestic consumption. Customers can deposit their unused/ idle gold on the spot and the gold is held in their demat accounts while they continue to earn interest in gold or rupee terms."
The GJF has 600,000 players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services to the domestic Gems and Jewellery industry.
GJF also launched the TRust Mark Model (TMM), a unique 'Business Excellence Model' to help federation members to grow their business and bcome more efficient.The Trustmark is exclusively designed by ISOQAR for GJF. It is an exclusive model for business growth through implementation of systems & processes & practices for growth and managing risks.
courtesy of bullionstreet
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