The All India Gem and Jewellery Domestic Council (GJC) has initiated discussions with the Reserve Bank of India (RBI) and the Ministry of Finance (MoF) to revamp the Gold Monetisation Scheme (GMS). This proposal includes a jeweller-integrated framework developed through consultations across various sectors, aiming to address structural inefficiencies and enhance the scheme's effectiveness. A key feature of the proposed GMS is the transition to a digital gold ecosystem, allowing physical gold to be converted into dematerialised balances within banks. This approach seeks to leverage the growing investment demand for gold, enabling investors to earn returns on idle assets like bullion and jewellery without liquidating them. The revamped framework is expected to improve gold mobilisation, reduce reliance on imports, and contribute to better management of the Current Account Deficit (CAD). GJC Chairman Rajesh Rokde highlighted that the model enhances transparency and trust, while Vice Chairman Avinash Gupta emphasized its practicality and alignment with regulatory standards, ultimately aiming to formalise the gold sector and improve market efficiency.