PNG Jewellers has launched ‘Swarna Swaraj’, a nationwide initiative aimed at bringing dormant household gold back into circulation, reducing India’s reliance on gold imports and promoting more responsible gold consumption patterns.
The company said the initiative was launched in response to Prime Minister Narendra Modi’s recent appeal urging citizens to exercise restraint in gold purchases.
PNG Jewellers said it viewed the appeal “not as a business, but as an institution with 194 years of shared history with the Indian people.”
Focus on idle household gold
The company noted that India is estimated to hold more than 25,000 tonnes of privately owned gold, much of it lying unused in lockers, vaults and inherited collections.
Through the Swarna Swaraj initiative, PNG Jewellers plans to bring a portion of this idle gold back into the domestic jewellery ecosystem.
Leadership comment
Chairman and Managing Director Saurabh Gadgil said, “India’s gold should circulate within India. That is the simplest and most powerful thing we can do together.”
As part of the initiative, PNG Jewellers will establish dedicated Gold Recirculation Counters across its showrooms and franchise outlets. Customers will be able to exchange old, broken, unused or inherited jewellery, which will then be refined and reintroduced into the domestic market.
Participants in the programme will receive commemorative Swarna Swaraj certificates.
Push for lower-karat jewellery
The initiative will also promote wider adoption of lower-karat jewellery to improve affordability and reduce gold consumption intensity.
PNG Jewellers said it plans to expand its 18-karat jewellery collections for bridal and festive purchases, while its Litestyle by PNG brand will focus on lightweight jewellery in 14-karat and 9-karat formats targeted at everyday wear consumers.
Awareness programme
The company also plans to conduct awareness programmes through housing societies, Ganesh mandals, women’s groups and self-help organisations to encourage discussions around responsible gold ownership and gold recirculation.
In addition, PNG Jewellers said it would engage with policymakers and industry bodies to advocate reforms that support domestic gold recirculation and help reduce grey market pressures linked to higher gold import duties.