National News
AKGSMA State Council Camp demands GST on gold ornaments be reduced to 1%
P N Gadgil Jewellers Ltd, with over 192 years of legacy in gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter ended June 30, 2025.
The All Kerala Gold & Silver Merchants Association (AKGSMA) State Council Camp demanded that the GST on gold ornaments be reduced to 1%. Discussions on various issues faced by gold merchants in Kerala were held at the camp. The council decided to urgently approach the Central and Kerala State governments to bring the issues to their attention.
When GST was implemented, the price of gold, which was Rs. 20,000 per piece, is now above
Rs. 75,000. The huge increase in the price of gold has made it a big burden for consumers to have to pay a tax of Rs. 2,500 when buying a piece of gold ornament.
President K. Surendran presided over the camp. General Secretary Adv. S. Abdul Nazar, Treasurer C.V. Krishnadas, and other senior members addressed the attendees.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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