National News
GJC celebrates 25 years of gold hallmarking in India with felicitation of Union Minister Pralhad Joshi
In a momentous occasion for India’s jewellery sector, the All India Gem and Jewellery Domestic Council (GJC) marked 25 years since the introduction of gold hallmarking in India with a grand celebration and felicitation ceremony honoring Pralhad Joshi, the Hon’ble Union Minister of Consumer Affairs, Food & Public Distribution, and Minister of New & Renewable Energy at GJS 2025
The event served not only as a tribute to the journey of hallmarking in India but also as a platform to chart an ambitious roadmap for the future, with a strong focus on expanding hallmarking coverage and fostering technological innovation.
In recognition of his continued support and instrumental role in advancing hallmarking reforms, Pralhad Joshi was felicitated by GJC for his leadership in steering policies that balance consumer protection with industry development. His ministry’s efforts, in collaboration with the Bureau of Indian Standards (BIS), have been central to enhancing transparency and quality assurance in the jewellery sector.
In his address, Shri Joshi reiterated the government’s unwavering commitment to strengthening consumer trust while also simplifying compliance for jewellers. He emphasized the hallmarking system as a critical trust-building mechanism and a significant step toward formalizing and modernizing the Indian gold market.
One of the most significant announcements of the event was a joint goal set by the Ministry of Consumer Affairs, BIS, and the jewellery industry: to expand mandatory gold hallmarking to 500 districts across India by the end of this financial year.
This expansion aligns with the broader objective of ensuring uniform quality standards nationwide, preventing consumer fraud, and integrating small and medium jewellers into the formal economy. GJC pledged its full support to assist local jewellers in meeting compliance standards and making hallmarking services accessible, especially in tier-2 and tier-3 cities.
In a groundbreaking move to stimulate innovation in hallmarking technology, GJC and BIS jointly announced the launch of a Hackathon aimed at developing a non-destructive testing (NDT) method for hallmarking gold.
This initiative seeks to address a long-standing concern within the industry: the challenge of verifying hallmark authenticity without damaging the piece of jewellery. Currently, traditional methods often involve partial damage or alteration during testing, which discourages on-the-spot verification by consumers and retailers.
The hackathon is open to startups, research institutions, technologists, and innovators across India and will offer funding and incubation support to viable solutions. A successful NDT mechanism would be a game-changer for quality assurance, enabling real-time, damage-free hallmark authentication across retail outlets, trade shows, and even by consumers themselves.
The celebration of 25 years of hallmarking is a testament to India’s evolution into a more structured and credible jewellery market. From its early stages to now becoming an integral part of the industry’s value chain, hallmarking has grown into a symbol of trust, quality, and consumer empowerment.
With the government, BIS, and GJC joining hands to drive expansion and innovation, the next phase of hallmarking promises to be more inclusive, tech-enabled, and consumer-centric than ever before. The GJC’s proactive role in bridging policy, practice, and innovation reinforces its commitment to nurturing a responsible, transparent, and globally competitive jewellery sector in India.
National News
Modest Uptick in Gold and Silver Prices as Global Macroeconomic Factors Continue to Influence Market Sentiment
The Surge in Energy Costs has Concurrently Kept the U.S. Dollar Elevated, Creating a Complex Trading Environment for Domestic Commodities
There was a modest uptick in gold and silver prices as global macroeconomic factors—specifically crude oil volatility and a firming U.S. Dollar—continue to influence market sentiment. Gold and silver showed the following movements on the Multi-Commodity Exchange (MCX): Gold (MCX): Traded at Rs 1,48,745 per 10 grams, representing a 0.14% increase from its previous close. Silver (MCX): Surged to Rs 2,38,699 per kilogram, an appreciation of 0.57%.
This follows earlier morning volatility (09:37 IST), where gold briefly dipped 0.08% to Rs 1,48,410 before recovering in response to shifting global indicators.
The upward movement in precious metals coincides with Brent crude oil prices stabilizing near the $110 per barrel mark. This sustained pricing follows the recent U.S. decision to extend the blockade around Iranian ports, fueling supply-side concerns. The surge in energy costs has concurrently kept the U.S. Dollar elevated, creating a complex trading environment for domestic commodities.
Brent crude at $110 remains a significant headwind for the domestic economy. As long as energy prices remain at these elevated levels, investors anticipate a persistent downside risk to India’s growth and a heightened upside risk to inflation.
While futures markets indicate a broad upward trend, retail gold prices continue to vary across Indian cities based on local taxes, duties, and purity levels (22K vs. 24K). Investors are advised to monitor the Federal Reserve’s upcoming announcement, as it will provide further direction for interest rate trajectories and the subsequent valuation of non-yielding assets like gold.
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