A major gun buyback is set to have a relatively minor early impact as the shooting industry encourages owners to hold onto their firearms.

NSW Premier Chris Minns announced the scheme following the mass shooting at Bondi Beach in December, which killed 15 people and injured dozens more.

The first phase began Monday, with all 331 appointments to hand over weapons at police stations across the state snapped up.

But capacity constraints mean just 2430 of 274,000 eligible firearms – among a total pool of 1.15 million registered guns in NSW – will be surrendered in the first phase, which will last for about a month.

The scheme is set to run for 12 months, with capacity for accepting firearms expanding as it rolls out in phases.

"We believe (the buyback) will make it safer as the police battle the threat of terrorism and mass shootings," Mr Minns told reporters on Monday.

Taking guns out of circulation would also result in less gun-related domestic violence killings and deaths by suicide, particularly in regional communities, he said.

The NSW and federal governments are equally sharing the bill for the scheme, which is set to cost hundreds of millions of dollars.

Owners will be compensated up to $10,000 for each weapon they hand in.

The 1996 Port Arthur Massacre – Australia's worst mass shooting – prompted a buyback which became a landmark across the world for legislative gun control.

But the NSW Liberals and One Nation have both vowed to repeal the new scheme if elected in March's state count.

Shooting Industry Foundation Australia chief executive James Walsh urged gun owners to hold onto their firearms until after the election in March.

Unlike in 1996, gun owners were not being fairly compensated for their weapons under the new scheme, he said.

He argued guns used for crimes were illegally owned, and therefore not eligible for the buyback.

"Even if Chris Minns has a successful buyback and takes 250,000 firearms out of the community, not one of those is going to be taken from a criminal or terrorist," Mr Walsh told AAP.

But Mr Minns said this was the wrong message to send to gun owners.

"Things needed to change after (the Bondi attack) and we've brought about that change," he said.

"Less guns in our community means safer streets."

He urged people with unregistered or illegal firearms to give them up under the amnesty.

The NSW Greens threw their support behind the scheme.

But justice spokesperson Sue Higginson said its capacity should be urgently expanded.

"If we want people to surrender their guns, we need to make it possible," she said.

Police Commissioner Mal Lanyon called for patience.

"We want to scale it up and make sure that those consumers that are actually surrendering their firearms have a good experience," he said.

Appointments are being accepted at six police stations, including the Dubbo station.

Another 34 stations will start accepting appointments from December, with 146 to come online by February.

Funding support packages for the firearms industry will also be rolled out from Monday, with eligible businesses set to receive a one-off payment of up to $25,000.

Eligible gun dealers can get licence fee relief payments of up to $500.

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* This is an update on the story originally published November 2, 2026, at 10.26am as "Thousands of guns to be handed over as buyback starts".