Following Prime Minister Narendra Modi's recent appeal for citizens to refrain from purchasing gold for a year, the gems and jewellery industry is advocating for the implementation of the Gold Monetisation Scheme (GMS). This scheme allows individuals, trusts, and institutions to deposit unused gold with banks, earning tax-exempt interest. Nainesh Pachhigar, President of the Indian Bullion and Jewellers Association in Gujarat, highlighted that the GMS could significantly reduce gold imports and bolster the economy by providing stable employment for the 1.5 to 2 million workers in the jewellery sector. The industry, which generated a gold import bill of $75.4 billion last year, is eager to collaborate with the government to create a self-reliant economic model. Kirit Bhansali, Chairman of the Gems and Jewellery Export Promotion Council, emphasized the sector's role as a major employment generator for nearly 5 million artisans and small businesses. The GMS is seen as a long-term solution to balance gold demand with economic stability, allowing for more efficient use of existing gold reserves. The full impact of the Prime Minister's appeal on gold purchasing trends will become clearer in the coming months.