Trade body proposes plan to bring idle gold into circulation

MUMBAI: The top body of gems and jewellery industry today unveiled a model that will help its members to grow business and become more efficient, and also proposed a programme to bring the idle gold back into circulation.

The All India Gems and Jewellery Trade Federation (GJF) said its `Trust Mark Model' (TMM) is a unique initiative that will help its members to grow their business and become more efficient.

TMM is an exclusive model for expansion through implementation of systems, processes & practices for growth and managing risks, GJF said in a release here.

"With the Trust Mark Model, we shall soon change the pattern of working to see that it becomes more productive and efficient," GJF Chairman Haresh Soni said.

GJF also proposed a Rashtriya Swarna Nivesh scheme, an initiative which it said has never been attempted before in India or at the global level.

The scheme is as an example of public-private participation wherein the jewellers of India will contribute significantly to the economic health of the country by bringing all the idle gold back into circulation.

It will also help in addressing the critical issue of current account deficit, the release said.

"In a very short span of time, GJF has grown manifold in stature and reckoning. It is the single largest and the only association actively working for the progress of industry - resolving and addressing issues of lakhs of wholesalers, retailers, manufacturers and allies," Soni said.

The association recently organised its 8th annual general meeting.