National News
AKGSMA State President Demands GST Reduction on Gold 1%; Announces Free Gold Ear Piercing Event in Ernakulam
K. Surendran, State President of the All Kerala Gold and Silver Merchants Association (AKGSMA), has urged the central government to reduce the Goods and Services Tax (GST) on gold from the current 3% to 1%. Speaking at the inauguration of the AKGSMA Ernakulam District Committee meeting, K. Surendran pointed out that the current GST rate, introduced when gold prices hovered around Rs.20,000, is disproportionately high now that gold has crossed Rs.79,000 per 10 grams.
“Consumers are now forced to pay more than Rs.2,500 in GST alone for purchasing gold. This has become a significant burden, especially on the common man,” said Surendran. He also demanded the introduction of Equated Monthly Installments (EMI) options for gold ornament purchases, which would make it more accessible to middle and lower-income families
The meeting was presided over by Cyriac V. Joseph, who also serves as the newly elected General Secretary of the Ernakulam District Committee. Prominent state-level leaders including AKGSMA General Secretary Adv. S. Abdul Nazar, Treasurer C.V. Krishnadas, Working President P.K. Ayamuhaji, and Working General Secretaries B. Premanand and M. Vineeth addressed the gathering.
Free Gold Ear Piercing Event on September 17
In a unique community outreach initiative, the AKGSMA Ernakulam District Committee announced that it will organize a Free Gold Ear Piercing Ceremony (Kathukuthi Kammalidal) on September 17. As part of the event, gold earrings will be provided completely free of cost to children.
Parents of eligible children are requested to register in advance by contacting:
- District General Secretary Cyriac V. Joseph at 99958 30328
- District Treasurer Sameer Fathoom at 77369 99997
New Office Bearers Elected for AKGSMA Ernakulam District Committee
During the meeting, the following office bearers were elected to lead the Ernakulam District Committee of AKGSMA:
- President: Shafiq A. (AGD Gold and Diamonds, Kochi)
- General Secretary: Cyriac V. Joseph (Cyriac Diamonds)
- Treasurer: Sameer Fathoom
- Working President: Benny Kuriakose (Abhishekam)
- Vice Presidents: Shihab (Nakshatra) and Job T.R
- Secretaries: Arun Sangeet and Shaan Alain
The association reaffirmed its commitment to protecting the interests of gold and silver merchants across Kerala while also promoting customer-friendly initiatives and transparency in the sector.
National News
GJC Delegation Meets RBI Deputy Governor, Makes GMS Presentation
The Proposal Was Acknowledged As An Innovative Initiative With The Potential To Become A Game Changer For The Industry and The Nation.
A GJC delegation comprising Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta, and National Secretary Mitesh Dhorda met with Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, along with his senior team.
During the meeting, the delegation made a detailed presentation on the proposed Gold Monetization Scheme (GMS). The RBI team appreciated the concept of the scheme. The proposal was acknowledged as an innovative initiative with the potential to become a game changer for the industry and the nation.
GJC remains committed to working closely with all stakeholders —including the government, banks, jewellers, gold depositors, and temple trusts—in the larger national interest and for the sustainable growth of the GJ industry.
The Gold Monetization Scheme (GMS) in India was launched with the primary objective of reducing gold imports by mobilizing the vast amount of idle gold held by households, institutions, and temple trusts, thereby decreasing the country’s heavy reliance on gold imports. By encouraging depositors to bring their unused gold into the formal banking system, the scheme puts this dormant gold into productive economic purposes, such as meeting the needs of jewellers and industries without requiring fresh imports.
Additionally, the scheme allows depositors to earn interest on their gold deposits instead of keeping gold idle at home, transforming a non-yielding asset into an income-generating investment while simultaneously strengthening India’s gold supply chain and reducing the trade deficit.
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