National News
GJNRF Receives Prestigious Award for Outstanding Contribution to Social Consciousness
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The Gem & Jewellery National Relief Foundation (GJNRF) was honored with the “Award for Outstanding Contribution to Social Consciousness” at the World CSR Day event held at Taj Lands End, Bandra. Presented by the World CSR Congress and Awards, this accolade celebrates GJNRF’s impactful work in corporate social responsibility, sustainability, and community development. The foundation has been recognized for its tireless efforts in improving social welfare, promoting environmental sustainability, and driving positive change within the gem and jewelry industry.
GJNRF’s initiatives, ranging from education and healthcare to disaster relief, have made a lasting impact on marginalized communities and environmental preservation. This prestigious award reflects the foundation’s commitment to fostering social consciousness and creating a better future through corporate responsibility, collaborating with industry leaders, non-profits, and government bodies to create lasting, transformative change.
National News
Smuggled Gold Distorting India’s Bullion Market
Sharp Rise In Smuggled Gold, Driven Largely By The May 2026 Hike In Import Duty To 15%, Which Has Made The Grey Market Significantly Cheaper Than Legal Channels and Squeezed Legitimate Dealers and Jewellers
India’s bullion market is being skewed by a sharp rise in smuggled gold, driven largely by the May 2026 hike in import duty to 15%, which has made the grey market significantly cheaper than legal channels and squeezed legitimate dealers and jewellers.
Market distortion and price gap
- Smuggled gold is now selling at discounts of up to Rs 8,000 per 10 grams compared with official prices, creating a wide arbitrage that undercuts compliant traders.
- Industry executives warn that this price gap is a clear signal of an active grey market, disadvantaging genuine bullion dealers and organised jewellers who pay full duty and taxes.
Scale of illegal inflows
- Industry estimates suggest more than 100 tonnes of gold could enter India through illegal channels in 2026, echoing past surges in smuggling after earlier duty hikes.
- Despite the higher tariff, India’s gold import bill rose 24% to a record $71.9 billion in FY26, even as physical volumes fell to about 721 tonnes, indicating persistent demand being met partly via unofficial routes.
Enforcement response
- Revenue intelligence agencies, particularly the Directorate of Revenue Intelligence (DRI), have intensified operations against organised smuggling networks using airports, land borders, coastal routes and domestic road transport
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