National News
Gold discounts in India widened this week to their highest point in nearly eight months
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
National News
India’s Consul General To Dubai Visits GJEPC Headquarters
GJEPC briefed CG on the Indian gem and jewellery industry’s scale, global leadership in manufacturing, export outlook and the sector’s roadmap for future growth
Vishnu Vardhan Reddy, Consul General of India to Dubai, visited the GJEPC headquarters in Mumbai on 24th July for an interaction with industry leaders to gain a deeper understanding of the sector and its engagement with the UAE.
The UAE is India’s largest trading partner in gems and jewellery, with bilateral trade reaching US$33.51 billion in FY2025-26.
The Consul General was welcomed by Kirit Bhansali, Chairman, GJEPC, along with Shaunak Parikh, Vice Chairman; Manish Jiwani, Convenor – MSME; Ashish Borda, Convenor – PMBD; Mital Doshi, Convenor – BITC; Bharat Ghori, Co-Convenor – MSME; and Mr. Sabyasachi Ray, Executive Director, GJEPC.
GJEPC briefed Mr. Reddy on the Indian gem and jewellery industry’s scale, global leadership in manufacturing, export outlook and the sector’s roadmap for future growth. Discussions also covered GJEPC’s role in trade promotion, policy advocacy, international exhibitions and infrastructure development to strengthen India’s position as a global jewellery manufacturing and trading hub.
Given Dubai’s strategic importance to the industry, the meeting focused on the India-UAE gem and jewellery trade ecosystem, evolving supply chains, trade and logistics, banking and financing, and opportunities to deepen bilateral cooperation. The delegation also outlined policy initiatives aimed at enhancing India’s competitiveness in global trading and value addition.
Reddy said the visit provided him with valuable insights into the industry’s priorities and challenges, and expressed his willingness to work closely with GJEPC and the trade to strengthen India’s gem and jewellery partnership with Dubai and the wider UAE.
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