2 weeks ago
Can gold recycling become India's next circular economy success?
India is known for loving gold jewelry, but now gold is very expensive.
Prime Minister Narendra Modi asked people in India to try not to buy new gold for one year.
India buys a lot of its gold from other countries, which costs a lot of money.
A smart idea is to recycle old gold instead of buying new gold.
The cool thing about gold is that it can be melted down and reused many times without getting worse.
Families in India already own a huge amount of gold that just sits in cupboards and lockers.
New schemes could help people turn that gold into money or digital gold.
By recycling, India could need to import less gold from other countries.
This idea also helps the environment because we use what we already have.
So gold recycling could become a big success story for India's economy.
Prime Minister Narendra Modi urged Indian citizens to avoid buying gold for the next year amid record-high prices.
Gold can be recycled infinitely without losing any purity or quality.
India, one of the world's top gold importers, sees recycling as a way to reduce import dependence.
Indian households hold one of the largest private stocks of gold globally, much of it lying idle.
A revamped Gold Monetisation Scheme could link physical gold with Digital Gold and Electronic Gold Receipts (EGRs).
- Who
- Indian Prime Minister Narendra Modi, Indian households, and policymakers advocating gold recycling
- What
- A debate over turning gold recycling into a pillar of India's circular economy to reduce import dependence amid record-high gold prices
- Where
- India
- When
- August 2026, following PM Modi's call for citizens to avoid buying gold for the next year
- Why
- To reduce reliance on gold imports, unlock dormant household gold wealth, and support a more resource-efficient circular economy
Key facts
- Record gold price
- Gold prices at an all-time high
- PM's request
- Modi urged citizens to avoid buying gold for the next year
- India's import status
- One of the top gold importers worldwide
- Household gold stocks
- One of the largest private gold stocks in the world, much of it idle
- Gold recyclability
- Recyclable infinitely without losing purity or quality
- Proposed framework
- Revamped Gold Monetisation Scheme, Digital Gold, and Electronic Gold Receipts (EGRs)
- Author
- Whole-time Director, Augmont
- Published
- August 15, 2026









