Can India wake up a $5 trillion sleeping giant, asks 

The Economic Times of India has reported, citing sources, that the government is considering a plan to allow jewellers to participate in a revamped version of the Gold Monetisation Scheme (GMS) to mobilise some of the precious metal lying idle in Indian households. This will be the first time jewellers’ participation is sought to boost the flagging scheme’s appeal, as they have customers’ trust and ready infrastructure.

If India unlocks even a small portion of the vast quantity of gold lying idle in homes and temples and channels it into the formal economy, it could avoid importing fresh bullion every year and paying for it in foreign currency.

The scale of India’s private gold stock is staggering, confirming that Indian households collectively hold one of the world’s largest stores of private wealth in gold.

According to World Gold Council estimates cited in recent industry studies, Indian households and temples hold around 25,000 tonnes of gold. Other industry estimates place the figure closer to 30,000 tonnes, while some studies suggest household and temple holdings could approach 50,000 tonnes.