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Gold discounts in India widened this week to their highest point in nearly eight months

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Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand, while customers in other key hubs also remained on the sidelines. Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6 per cent import and 3 per cent sales levies, up from a discount of $10 to $21 last week.

Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.

“Jewellers are not keen on building high-cost inventory at the end of the financial year, as they are busy closing accounts,” said a Mumbai-based dealer with a bullion-importing bank. India’s financial year runs from April until March 31.

India’s gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.

In China, the world’s largest consumer, gold traded at a discount of $1 to an $18 premium over spot prices. Meanwhile, dealers in Hong Kong charged premiums ranging from par to $2 per ounce.In Japan, bullion was sold between a discount of $3 and a premium of $0.5, a trader said. In Singapore, gold traded between a $0.50 discount and a $3 premium

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GJEPC Holds “Chaupal – 3Es: Educate, Empower And Export” For Zaveri Bazar Members

The Chaupal Was Aligned With The BCG-Backed “Export Roadmap For $100 Billion Gems & Jewellery Exports By 2040

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The Membership Department of GJEPC organised “Chaupal – 3Es: Educate, Empower and Export” for members of the Zaveri Bazar jewellery community, with a focus on helping manufacturers, traders and aspiring exporters understand the opportunities and support available within the export ecosystem.

Addressed by Mithilesh Pandey, Sr. Director, GJEPC, the interactive session highlighted the Council’s role in connecting the industry with the Government, facilitating exporters, opening avenues for international market access and supporting the growth of India’s gem and jewellery sector.

The Chaupal was aligned with the BCG-backed “Export Roadmap for $100 Billion Gems & Jewellery Exports by 2040” and the Exim Bank–GJEPC report, “Making Clusters Exportable”. Zaveri Bazar is among the 17 high-potential clusters identified under this export-oriented approach.

Pandey outlined a three-pronged way forward for the cluster, beginning with “Membership to Market”. Members were apprised of the benefits of GJEPC membership, including RCMC, access to international shows, policy advocacy, the Parichay Card for artisans and handholding support for first-time exporters.

A key part of the discussion centred BCG’s growth framework, which offers a roadmap for strengthening India’s export competitiveness:

Global Market Diversification: Greater focus on studded, lightweight and designer jewellery.

Cluster Scale-up & Competitiveness: Common Facility Centres, design labs and technology upgrades.

Ease of Doing Business: Simplification of EXIM procedures, the Risk Management System and AI-based customs appraisal.

Brand India: Initiatives such as “Crafted by India” and the IJEX platform for 365-day buyer connect.

Affordable Export Finance: Concessional credit, interest subvention and ECGC support for MSMEs.

Together, these pillars point to a larger shift—from simply encouraging exports to building the capabilities, infrastructure, market access and financial support required to make clusters more competitive globally.

The session also highlighted three Government initiatives  of particular relevance to Zaveri Bazar members: Under Districts as Export Hubs (DEH), Mumbai has been identified as a priority district; Niryat Disha provides export orientation and documentation training, while Niryat Protsahan offers mentorship and handholding for new exporters.

The discussion also covered the importance of GJEPC membership and RCMC, MSME schemes and Government support, district-level export opportunities, and the role of IJEX in connecting Indian exporters with global buyers.

A practical element of the Chaupal was its focus on export readiness. Members were introduced to the handholding support available through the Membership/MSME Department and the steps required to move from domestic business to international trade.

The session also emphasised the importance of having the necessary documentation in place, including IEC, ICEGATE registration, an AD bank account and Customs KYC—key requirements in preparing businesses to participate in international trade.

The interactive format gave Zaveri Bazar members an opportunity to better understand the export ecosystem, Government schemes and the support mechanisms available to help them expand beyond the domestic market. The session also generated strong interest among members in GJEPC membership and export-related support.

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