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
Foreign exchange reserves declined by $11.413 billion to $698.346 billion
Forex drop due to a sharp fall in gold reserves:RBI
As of March 28, 2026, the Reserve Bank of India’s latest data reveals a brutal $30.14 billion evaporation in forex reserves over just three weeks. The headline-grabber? A staggering $13.49 billion collapse in gold reserves in a single week.
While the official line points to “valuation effects,” the underlying reality is a cocktail of geopolitical warfare, a bleeding Rupee, and an RBI backed into a corner.
For years, gold was the “safe haven.” In March 2026, it became a weight. The drop to $117.19 billion wasn’t because the RBI sold the family silver—it’s because the global gold market just endured its worst weekly rout in four decades.
- The Paper Flush: As the US-Iran conflict escalated, institutional investors faced massive margin calls on their stock portfolios. They didn’t sell gold because they lost faith in it; they sold it because it was the only liquid asset left to cover their losses.
- The Yield Trap: With oil breaching $110, inflation fears have spiked. This has forced the US Fed to signal “higher for longer” rates, making non-yielding gold look like an expensive hobby compared to high-interest US Treasuries.
The Rupee isn’t just sliding; it’s in a freefall. Falling over 4% in March alone and nearly 10% for the fiscal year, the Indian unit is gasping at record lows near 94.81/$1.
The central bank is fighting a multi-front war:
- Crude Oil Shock: Brent crude at $110 is a direct tax on India’s dollar reserves.
- The Forward Book Time Bomb: The RBI’s net short dollar position in the forward market is estimated to have ballooned to $100 billion.
- Import Cover Erosion: Adjusting for these forward positions, India’s “real” import cover has shriveled from 11 months to just 9.4 months.
If West Asia remains a tinderbox, the buffer that felt “invincible” at $728 billion in February could look skeletal by 2027. Some analysts are already eyeing a drop to $636 billion as the new reality.The RBI is no longer just “managing volatility”; it is performing triage on a currency being pummeled by global m
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