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GJC celebrates 25 years of gold hallmarking in India with felicitation of Union Minister Pralhad Joshi

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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.

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MCX Gold, Silver Surge On Escalating Geopolitical Tensions

The Softer Dollar Provided Limited Support To Bullion, While Traders Largely Focused On The Geopolitical Backdrop and The Prospect Of Fresh Clues On U.S. Monetary Policy.

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Gold and silver prices edged higher in India on Monday as renewed geopolitical tensions in the Middle East boosted demand for safe-haven assets, even as investors remained cautious ahead of key U.S. inflation data expected later this week.

On the Multi Commodity Exchange (MCX), gold futures rose more than Rs 650 to trade above Rs 1.40 lakh per 10 grams, while silver futures gained nearly Rs 700 to move aboveRs Rs 2.18 lakh per kilogram. The advance reflected renewed risk aversion after the United States tightened pressure on Iran, rekindling concerns over the security of global energy supplies and the broader inflation outlook.

In international markets, spot gold rose about 0.4% to around $4,016 an ounce, recovering after briefly slipping below the psychologically important $4,000 level overnight. Spot silver also rebounded modestly but remained under pressure, trading near $58 an ounce.

The gains in precious metals came despite a relatively resilient U.S. dollar, which eased only marginally to around 101.2 against a basket of major currencies. The softer dollar provided limited support to bullion, while traders largely focused on the geopolitical backdrop and the prospect of fresh clues on U.S. monetary policy.

Energy markets reflected the same risk-off sentiment. U.S. West Texas Intermediate crude climbed toward $80 a barrel, while Brent crude advanced to around $85, extending gains as fears of supply disruptions returned to the forefront.

The latest catalyst came after President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and called on countries benefiting from U.S. naval protection to contribute toward securing the strategically vital shipping corridor. The move followed renewed hostilities between Washington and Tehran, heightening concerns that disruptions to one of the world’s busiest oil routes could fuel another wave of energy-driven inflation.

Higher oil prices have complicated the outlook for global central banks, particularly the U.S. Federal Reserve, which continues to balance inflation risks against slowing economic growth.

Investors are now turning their attention to the U.S. Consumer Price Index (CPI) data due Tuesday, which is expected to provide fresh direction for interest-rate expectations. Markets will also closely monitor Federal Reserve Chair Kevin Warsh’s testimony before Congress for signals on the central bank’s policy trajectory.

According to market pricing, traders now see roughly a 51% probability of a Federal Reserve rate hike in September, while the likelihood of rates remaining unchanged has fallen to about 23%.

For bullion markets, the interplay between geopolitical uncertainty, energy prices and monetary policy expectations is likely to remain the dominant theme. While safe-haven demand continues to underpin gold, any surprise in inflation data or a shift in the Federal Reserve’s policy outlook could determine whether the metal extends its rally or faces renewed selling pressure.

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