Gold Monetisation Scheme (GMS) was proposed and launched in 2015-16, replacing both Gold Deposit and Gold Metal Loan Schemes. The stated objectives were – (a) mobilising gold held by households and institutions in the country, (b) providing boost to gems & jewellery sector by making gold available as a raw material, and (c) reducing reliance on import of gold over time.

However, the scheme has evoked a tepid response so far, and in the wake of that, a primary survey based study has been undertaken by FICCI in collaboration with World Gold Council (WGC). This study was executed by TARI with an objective to find out the reasons behind tepid response for GMS from all stakeholders – banks, jewellers, hallmarking agencies, refineries, and gold exchanges. The responses will culminate into a comprehensive set of policy proposals to boost the scheme. For more details of the study, please contact us at contactus@tari.co.in