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Grand unveiling of GJIIF 2025 in Chennai

Formal inauguration by Pramod Agarwal Derewala

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Gem & Jewellery India International Fair (GJIIF) 2025 was unveiled at Chennai Trade Centre, Chennai. The show was formally inaugurated by Chief Guest Shri. Pramod Agarwal ‘Derewala’, Chairman- Derewala Industries and Chairman- National Gems & Jewellery Council of India in the presence of Jayantilal Challani,  President, The Jewellers And Diamond Traders Association – Madras.

Present at the inauguration were distinguished guests: Sabarinath, President, Tamil Nadu Jewellers Federation, Santha Kumar, Secretary, MJDTA, Yogesh, Treasurer MJDTA, Ravindran, Secretary, TNJF, Manoharan, Treasurer, TNJF, Shantilal, State Chief, Andhra Association, Chetan Kumar Mehta, President, Jewellers Association, Bengaluru, Surendran, AKGSMA.

Distinguished overseas Visitor Partners from Malaysia present were Datuk Abdul Rasull Bin Abdul Razak, President, Malaysia Indian Goldsmith and Jewellers Association, Dato Wira Louis Ng, President, Malaysia Gold Association. Also present was Wan Ahmad Tarmizi, Trade Consul, Malaysian Consulate -Trade Section. Representing United Exhibitions were VK Manoj, Project Director, United Exhibitions, Mohandas, CEO, United Exhibitions

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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

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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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