PNG Jewellers Launches ‘Swarna Swaraj’ to Mobilise Idle Gold, Cut Import Dependence

PNG Jewellers has launched ‘Swarna Swaraj’, a nationwide initiative aimed at mobilising dormant household gold, reducing India’s dependence on gold imports, and encouraging more responsible gold consumption patterns.
The initiative has been positioned as the company’s response to Hon’ble Prime Minister Shri 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.”
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 Swarna Swaraj, PNG Jewellers aims to bring this idle gold back into circulation within the domestic jewellery ecosystem.
Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said, “India’s gold should circulate within India. That is the simplest and most powerful thing we can do together.”
As part of the programme, PNG Jewellers will establish dedicated Gold Recirculation Counters across its showrooms and franchise outlets, allowing customers to exchange old, unused, broken, or inherited jewellery. The recirculated gold will be refined and reintroduced into the domestic market, reducing reliance on imported bullion. Participants will receive a commemorative Swarna Swaraj Certificate.
The initiative also seeks to promote lower-karat jewellery. PNG Jewellers said it would expand its 18-karat collections for bridal and festive purchases, while its Litestyle by PNG brand will focus on lightweight jewellery in 14-karat and 9-karat formats for everyday wear.
In addition, the company plans to conduct community-level outreach programmes through housing societies, Ganesh mandals, women’s groups, and self-help organisations to encourage conversations around responsible gold ownership and recirculation.
PNG Jewellers also said it would engage with industry bodies and policymakers to advocate reforms that support domestic gold recirculation and reduce grey market pressures linked to higher import duties.