Author: Paul Ploumis07 Oct 2014 Last updated at 08:18:16 GMT
MUMBAI (Scrap Monster): The World Gold Council (WGC) has called upon India to put hoards of idle gold lying with households and temples into use. The government should act in timely manner to mobilize and monetize the estimated 25,000 tonnes of idle gold stocks. This would help India become the ‘jeweller to the world’.
The Vision 2020 report released by the world gold body states that massive store of gold wealth should be utilized towards economic and social development of the country. The mobilization of inoperative gold treasure could reduce the country’s dependence on gold imports within next five years. It could also lift the country’s jewellery exports to $40 billion by 2020 from the current level of $8 billion.
According to state-backed refiner MMTC-Pamp, India’s much-awaited gold deposit schemes can "easily" unlock 200 tonnes per year from existing household stockpiles. The introduction of effective gold monetization schemes could bridge the demand-supply gap in the yellow metal which is currently met by smuggled gold to a great extent. India barely produces any gold domestically, it noted.
The WGC also urged the government to implement necessary gold mobilization schemes, which could bring fortunes to the domestic jewellery sector in the country. The revival of jewellery making industry will benefit the nation’s economy and help create enormous job opportunities.