National News
GJEPC seeks government intervention over US reciprocal tariff proposal
Top representatives of India’s gems and jewellery sector have urgently briefed Hon’ble Commerce Secretary Sunil Barthwal, IAS, on the potential repercussions of the United States’ recent notice regarding reciprocal tariffs. The delegation, led by Shaunak Parikh, Vice Chairman, GJEPC, along with Adil Kotwal, President, Seepz Gem & Jewellery Manufacturers’ Association (SGJMA), and Sabyasachi Ray, Executive Director, GJEPC, presented a detailed overview of the industry’s concerns and proposed mitigation strategies.
The briefing aimed to underscore the significant impact the proposed tariffs could have on Indian exports and the broader industry. Satya Srinivas, IRS, Additional Secretary, Ministry of Commerce (MoC), and Dnyaneshwar Patil, Development Commissioner, SEEPZ were also present to offer a comprehensive understanding of the issues at hand.
The US notice, which threatens reciprocal tariffs, has raised concerns within the Indian gems and jewellery sector, a key contributor to the nation’s export revenue. The industry leaders outlined the potential economic fallout and presented specific recommendations to safeguard interests.
National News
WGC India Gold Market Update April 2026: The Indian Gold Market In Early 2026 Was Characterized By A Resilient Recovery
The Indian gold market in early 2026 is characterized by a resilient recovery following a volatile March. After gold prices experienced their weakest monthly performance in over a decade—dropping 12% in USD and 8% in INR—prices partially stabilized in April. This recovery is supported by persistent geopolitical risks and a softening US dollar, though prices remain 13% below the January peak.
Demand Dynamics & Retail Performance
Despite price volatility, listed jewellers reported a stellar Q1 2026, with revenue growth between 32% and 124% y/y. This surge was fueled by a robust wedding season, higher average ticket sizes, and aggressive store expansions. While retail jewellery demand was muted in early March due to price spikes, interest shifted toward investment products like bars and coins. Interestingly, “old gold” exchanges accounted for nearly 50% of retail sales, highlighting consumer sensitivity to high prices.
Investment Trends
- Gold ETFs: India saw its 11th consecutive month of inflows in March (INR 22.7bn), despite high redemptions from profit-taking. Q1 2026 marked the strongest quarterly inflow on record, bringing total holdings to 115 tonnes.
- Digital Gold: Purchases via UPI remain well above historical averages, with February volumes hitting 1.9 tonnes (53% above the 13-month average), signalling a growing retail preference for accessible digital assets.
Supply & Central Bank Reserves
Domestic supply tightened significantly in April as gold discounts narrowed from US8/oz. This shift was driven by new import curbs on gold-bearing alloys and customs bottlenecks. Consequently, March imports hit a nine-month low (approx. 20–25t). Meanwhile, the Reserve Bank of India (RBI) maintained steady reserves, holding 880.5 tonnes of gold, which now constitutes 17% of total forex reserves.
Outlook: Market sentiment remains optimistic for the upcoming summer wedding season and festivals like Akshaya Tritiya, with price stability expected to release pent-up consumer demand.
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