New Delhi, May 16 -- With gold imports straining India's foreign exchange reserves, the India Bullion and Jewellers Association (IBJA) is backing the government's move to curb demand and has proposed a monetisation scheme for nearly 1,000 tons of idle temple gold.

If implemented, the industry body said the plan could ease pressure on imports while protecting jobs in the small jeweller and artisan segment, even as it urges members to restrict bullion sales above 5 grams.

Following Prime Minister Modi's appeal to citizens to reduce gold purchases, IBJA's Gujarat State President Nainesh Pachchigar said the industry has "decided to stand in support of the government" and is holding meetings nationwide to balance national interest with busin...