The All India Jewellers and Goldsmith Federation (AIJGF) met Union Minister Shri Chirag Paswan Ji to raise serious concerns regarding the impact of discouraging gold purchases on India’s jewellery industry. During the meeting, the delegation proposed a regulated Bullion Bank Framework as a long-term solution to reduce India’s Gold Import Bill while protecting the livelihoods of crores of people dependent on the jewellery ecosystem.
Quick Summary
- AIJGF delegation met Union Minister Shri Chirag Paswan Ji regarding jewellery industry concerns.
- Federation highlighted the impact of discouraging gold purchases on livelihoods.
- Nearly 3.5 crore Indians depend directly or indirectly on the jewellery ecosystem.
- AIJGF proposed a regulated Bullion Bank Framework to mobilise idle domestic gold.
- Shri Chirag Paswan Ji assured discussions with the Hon’ble Prime Minister.
- AIJGF stressed balancing foreign exchange savings with employment protection.
AIJGF Delegation Raises Industry Concerns
A delegation of the All India Jewellers and Goldsmith Federation — AIJGF met Union Minister Shri Chirag Paswan Ji and discussed the serious concerns of India’s jewellery industry.
Impact on India’s Jewellery Ecosystem
During the meeting, the AIJGF delegation apprised the Hon’ble Minister that any broad appeal discouraging gold purchases may have a direct and adverse impact on India’s jewellery ecosystem. The sector supports small jewellers, goldsmiths, artisans, karigars, manufacturers, refiners, hallmarking centres, transporters and lakhs of families across the country. Nearly 3.5 crore Indians are directly or indirectly dependent on this ecosystem for their livelihood.
AIJGF Advocates Bullion Bank Framework
AIJGF also submitted that reducing India’s Gold Import Bill is undoubtedly a national priority. However, the solution should not be suppression of jewellery demand. Instead, India must focus on mobilising idle domestic gold and bringing it into productive economic circulation through a regulated Bullion Bank Framework.
Mobilising Idle Domestic Gold
The proposed Bullion Bank Framework can mobilise gold lying with households, temples, institutions and Gold ETFs, and channel it productively to jewellers, manufacturers, exporters and refiners. This can help reduce fresh gold imports while protecting the livelihood of the jewellery sector.
Minister Assures Discussion with Prime Minister
During the meeting, Hon’ble Minister Shri Chirag Paswan Ji heard the concerns of the industry patiently and stated that “the issue of your industry is absolutely justified. Please give me 2–3 days. As soon as the Hon’ble Prime Minister returns to India, I will meet him and discuss the concerns of your industry for a possible solution.”
Positive Efforts for a Practical Solution
The Hon’ble Minister also assured that the concerns of the jewellery industry would be placed before the appropriate forum and that positive efforts would be made to find a practical solution.
AIJGF President Highlights Industry Importance
Shri Pankaj Arora Ji, National President, AIJGF, said that the jewellery industry is deeply connected with India’s tradition, employment and economy. It is not merely a trade, but the livelihood base of crores of families. He thanked Hon’ble Minister Shri Chirag Paswan Ji for hearing the concerns of the industry seriously and assuring that the matter would be taken up at the highest level.
Balancing Foreign Exchange and Livelihoods
Shri Nitin Kedia, National General Secretary and Spokesperson, AIJGF, said that India does not need to choose between saving foreign exchange and protecting livelihoods. With the right policy framework, both objectives can be achieved. He added that the Bullion Bank Framework can become a practical and long-term solution to reduce the Gold Import Bill while strengthening the domestic jewellery industry.
AIJGF Expresses Confidence in Government Dialogue
AIJGF expressed confidence that the positive assurance given by Hon’ble Minister Shri Chirag Paswan Ji will help take the voice of the jewellery industry to the highest level of the Government and initiate a meaningful policy dialogue soon.
Modernising India’s Gold Ecosystem
The Federation stated that India should not weaken its jewellery ecosystem. Instead, India must modernise its gold ecosystem and convert idle domestic gold into a productive national asset.
Issued By
All India Jewellers and Goldsmith Federation
Pankaj Arora
National President, AIJGF
Nitin Kedia
National General Secretary & Spokesperson, AIJGF
FAQ
Why did AIJGF meet Union Minister Chirag Paswan?
AIJGF met the Union Minister to discuss concerns regarding discouraging gold purchases and its impact on India’s jewellery industry and livelihoods.
What is the proposed Bullion Bank Framework?
The proposed framework aims to mobilise idle domestic gold from households, temples, institutions, and Gold ETFs into productive economic circulation.
How many people depend on India’s jewellery ecosystem?
Nearly 3.5 crore Indians are directly or indirectly dependent on the jewellery ecosystem for their livelihood.
What assurance did Shri Chirag Paswan give?
The Minister assured the delegation that he would discuss the concerns of the jewellery industry with the Hon’ble Prime Minister after his return to India.
What is AIJGF’s main concern?
AIJGF believes that reducing gold demand could adversely impact employment and the livelihoods connected to the jewellery sector.
Source: SVAR Media Network
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