The Gem & Jewellery Council (GJC) has advocated for the implementation of a transparent and regulated Gold Monetisation Scheme (GMS) to unlock the potential economic value of India's vast reserves of idle gold. This initiative follows Prime Minister Narendra Modi's recent appeal to citizens to reconsider their gold consumption habits to mitigate foreign exchange pressures caused by significant gold imports, which amount to approximately 700–800 tonnes annually. The GJC highlighted that Indian households and institutions possess an estimated 25,000–35,000 tonnes of gold, much of which remains unused. Rajesh Rokde, chairman of GJC, emphasized that the solution lies not only in reducing demand but also in mobilizing existing gold through the GMS. Malabar Gold & Diamonds has submitted proposals to enhance the GMS, aiming to increase public participation and promote gold recycling. Additionally, Kalyan Jewellers has launched the 'Nation First – Gold4India Initiative' to foster responsible consumption and encourage the recirculation of dormant gold reserves, which could help reduce reliance on imports without compromising cultural values.