National News
GST detects ₹100 cr sales suppression in Thrissur jewellery trade
Sales suppression to the tune of over Rs 100 crore was unearthed by the state Goods and Service Tax (GST) department following raids in jewellery shops in Thrissur Kerala
The raids, which began at 4.30pm on August 26, concluded the next day. They were carried out by around 200 officers from the State GST Intelligence and Enforcement wing, the additional commissioner of GST said in a statement. Simultaneous searches were conducted at 42 locations, including the establishments and residences of 16 jewellery traders in the district.
During the operation, 36kg of unaccounted gold stored illegally was seized, officials said. As per initial estimates, the department has already recovered over Rs 2 crore in tax and penalties.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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