National News
GJEPC Collaborates with Delhi Customs to Streamline Jewellery Export via Personal Carriage
Follow-up meeting focuses on refining SOPs under Circular No. 09/25 – Customs to ease export processes through Delhi’s Precious Cargo Warehouse
On 15 April, a delegation from the GJEPC Northern Regional Office met with senior officials of Delhi Customs to further refine Standard Operating Procedures (SOPs) for the import and export of jewellery via personal carriage. This discussion followed an initial meeting held on 9 April and focused on the implementation of Circular No. 09/25 – Customs, dated 28 April 2025, with the goal of issuing a comprehensive public notice for the trade.
Key customs officials present included Mr. Dheeraj Rastogi, IRS, Principal Commissioner – Exports; Ms. Ashima Bansal, IRS, Commissioner – ACC Export; Mr. Vishal Pal Singh, IRS, Commissioner – Airport; Mr. Dibyalok Singh, IRS, Deputy Commissioner – ACC Shed; and Mr. Anuj Kumar Pandey, IRS, Additional Deputy Commissioner – Airport. Representing the GJEPC were Mr. Antarpal Singh Sawhney, Regional Chairman – North, and Mr. Anil Sankhwal, Convener, Studded Jewellery Panel.
The meeting primarily addressed ways to optimise the draft SOPs for hand-carried jewellery exports through the Precious Cargo Warehouse (PCW) operated by Celebi at Delhi Airport. GJEPC representatives proposed practical solutions to remove procedural bottlenecks and speed up customs clearance. Among their key requests was the establishment of a dedicated detention room for appraised parcels within the Central Warehousing Corporation (CWC) cargo shed to reduce delays and improve exporter convenience.
Customs officials, led by Mr. Rastogi, responded positively to the recommendations and assured the delegation of due consideration. They also advised GJEPC to initiate discussions with CWC for space allocation to implement the suggested changes effectively.
National News
Gold Prices Slump as Fed Rate Cut Optimism Diminishes
Bullion weakens on MCX as fading U.S. rate-cut hopes and firm crude oil prices trigger selling pressure in gold and silver.
Gold prices faced significant selling pressure in early Monday trading as shifting macroeconomic signals dampened investor sentiment. On the Multi-Commodity Exchange (MCX), gold futures dropped over 1% earlier today, driven by fading expectations for Federal Reserve interest rate cuts and the inflationary impact of crude oil sustained above $100 per barrel.
Market Performance Highlights
In early trade, precious metals showed the following movements on the MCX:
- Gold (April Futures): Trading at Rs 1,57,275 per 10 grams (down 0.75%), recovering slightly from a session low of Rs 1,56,655.
- Silver (May Futures): Trading at Rs 2,56,190 per kg (down 1.25%), up from a daily low of Rs 2,55,106.
Domestic Retail Prices
The correction in the futures market has trickled down to physical retail rates across major Indian metros. The price for 24K gold saw an average dip of Rs 49 in early trade.
- 22K Gold (per 10g): Rs 1,45,900
- 22K Gold (per 10g): Rs 1,46,020
- 22K Gold (per 10g): Rs 1,47,590
Key Market Drivers
The current volatility is attributed to two primary factors:
- Hawkish Fed Outlook: Robust economic data has led markets to price in a “higher-for-longer” interest rate environment, reducing the appeal of non-yielding assets like gold.
- Energy Pressure: With crude oil prices holding firm above $100, concerns over persistent inflation are complicating the central bank’s path toward monetary easing.
Despite the intraday decline, gold remains a focal point for investors navigating ongoing geopolitical tensions and global currency fluctuations.
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