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
WGC REPORT- India Gold Demand Trends, Q3 2026
Value Tells A Different Story: Demand Rose 3% Y/Y To INR2,419bn (US$25bn), and Is Up 38% Over Nine Months To INR6,688bn (US$71bn). Buyers Are Spending More To Acquire Less.
India’s gold market recovered sequentially in Q3 but remains well below last year in volume terms. Demand rose 24-25% q/q to 162t, yet stayed 29% lower y/y and 12% lower year-to-date (444t). Value tells a different story: demand rose 3% y/y to INR2,419bn (US$25bn), and is up 38% over nine months to INR6,688bn (US$71bn). Buyers are spending more to acquire less. On the supply side, official imports declined and recycling remained muted, while estimated unofficial inflows increased.
Prices: Domestic gold averaged INR148,891/10g, up 45% y/y on a weak rupee and the higher import duty, while the international price averaged US$4,262/oz (down 5% q/q, up 23% y/y). Domestic prices traded at a record US$43/oz discount to import parity, reflecting unofficial inflows and old-gold supply.
Jewellery: Demand climbed 33% q/q to 100t, helped by late-quarter price softening, weddings and South Indian festivals in August. It remained 20% lower y/y (18% lower year-to-date), partly because key festivals have shifted into Q4 this year.
Investment: Demand eased from last year’s exceptional levels but held up, rising 12% q/q to about 60t. Investment’s share of net demand fell to around 42% from 69% in Q1. Bars and coins rose 9% q/q to 55t but fell 40% y/y; India remains the world’s second-largest bar and coin market (about 21% of global demand). ETF demand improved to 5.3t from 3.6t. Digital gold is expanding (4.9t in Q3, up 76% year-to-date). Mutual funds’ temporary suspension of fresh gold FoF subscriptions in October bears watching, though the ETF impact is likely contained.
RBI: Reserves held steady at about 880.5t, with just 0.3t bought in nine months, signalling a shift from accumulation to maintenance.
Supply: Total supply fell 43% y/y to 136t. Official imports dropped 70% to 64t after May’s duty hike to 15%, while unofficial inflows jumped to about 50t from 3t a year ago. Recycling was muted at 19t (down 12% y/y), suggesting holders are reluctant to sell, possibly expecting higher prices.
Consumer sentiment (WGC-Kantar, Wave 2): Buying intentions strengthened. Those planning to buy more jewellery rose from 20% to 29%, and those planning to cut back fell from 51% to 40%. Purchases are concentrating around weddings and festivals, with more consumers trading down on purity (77%) and exchanging old jewellery (76%). Expectations of further price rises softened (69% to 61%).
Outlook: Seasonal buying should support Q4 demand, though jewellery volumes will likely stay constrained by high prices, and investment demand remains sensitive to price momentum.
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