National News
Gudi Padwa jewellery sales flat; demand for gold coins surges
Gold prices have surged to nearly Rs 90,000 per 10 grams (excluding GST) in the physical market, leading to a noticeable decline in jewellery sales in Maharashtra/Goa during Gudi Padwa, a festival traditionally associated with gold purchases. Despite this, demand for gold coins as an investment remains strong, as consumers anticipate further price appreciation. Mumbai’s largest gold hub has observed a shift in consumer behavior toward gold coins and bars. Traders said that buyers are purchasing gold coins with the expectation of future price increases.
As of Gudi Padwa, gold prices have reached nearly Rs 90,000 per 10 grams, making gold jewellery significantly more expensive. Higher prices have deterred traditional jewellery buyers, shifting demand towards investment-oriented purchases, such as gold coins. Industry experts anticipate that gold prices may continue to rise, reinforcing gold’s status as a long-term store of value.
Equal demand was observed between gold jewellery and investment-grade coins. Retailers introduced discounts and exchange offers, but high prices still impacted sales volume.Tier-2 cities experienced similar trends, with more gold coin buyers than jewellery shoppers. Lightweight jewellery, silver accessories, and gold-plated ornaments saw higher traction compared to heavy gold jewellery.
Global trade tensions and potential U.S. Fed rate cuts are boosting gold’s attractiveness as an investment. Investors are shifting towards gold due to its historical role as a hedge against inflation and economic instability The Indian Rupee’s performance against the U.S. Dollar is also a contributing factor to local gold price fluctuations.
National News
India Hosts Kimberley Process Intersessional Meeting 2026 In Mumbai
Kimberley Process Meeting Focuses On Monitoring, Compliance and Sustainable Diamond Trade
The Kimberley Process Intersessional Meeting 2026 commenced in Mumbai under India’s Chairship. The meeting, being held from May 11 to May 14, 2026, has brought together representatives from Kimberley Process Participants, Observers, and industry stakeholders from across the world to deliberate on key issues related to the global trade in natural diamonds.
Addressing the gathering, KP Chair 2026, Suchindra Misra, stated that the Kimberley Process has played an important role in supporting peace, protecting livelihoods, and strengthening legitimate diamond trade across producing nations. He emphasised the need to further strengthen trust in the system, enhance cooperation among participants, and ensure that the Kimberley Process remains relevant and effective in a changing global environment.
He also highlighted that natural diamonds represent a sustainable product and that the Kimberley Process continues to remain one of the most progressive certification systems globally.

The Intersessional Meeting will include discussions and meetings of various Working Groups and Committees over the coming days. The deliberations will focus on implementation of the Kimberley Process Certification Scheme (KPCS), monitoring and compliance mechanisms, artisanal and alluvial diamond production, statistics, and measures aimed at strengthening trust in the natural diamond value chain. The proceedings of the Intersessional Meeting will continue till May 14, 2026.
The meeting is also expected to provide an opportunity for Participants and Observers to exchange views on emerging challenges and collaborative approaches for enhancing consumer confidence in ethically sourced natural diamonds.
Senior officials of the Department of Commerce, Government of India, representatives from Kimberley Process Participants, members of the World Diamond Council, Civil Society Coalition members, and other stakeholders are participating in the Intersessional Meeting.
Quote attributed to Kirit Bhansali, Chairman, GJEPC :

“India today stands at the heart of the global natural diamond industry, not only as the world’s largest cutting and polishing center, but also as one of the fastest-growing diamond jewellery markets globally. As an industry, we remain committed to strengthening consumer confidence, promoting transparency, and working together with global stakeholders to ensure that natural diamonds continue to remain a symbol of trust, aspiration, and shared prosperity across the world.
GJEPC, as co-organizer of the Intersessional under India’s Kimberley Process Chairship, is pleased to support this important global platform that will help strengthen confidence, enhance compliance, and reinforce the credibility of the global diamond ecosystem.”
India’s Chairship theme for 2026 focuses on the 3Cs — credibility, compliance, and consumer confidence in the natural diamond sector, with emphasis on strengthening the future of responsibly sourced natural diamonds through constructive dialogue and international collaboration.
The Kimberley Process Certification Scheme (KPCS), established pursuant to the United Nations General Assembly Resolution 55/56 (2000), is an international initiative aimed at preventing the flow of conflict diamonds into the legitimate diamond trade. At present, the Kimberley Process has 60 Participants representing 86 countries, with the European Union and its Member States participating as a single bloc.
India assumed the Chairship of the Kimberley Process on January 1, 2026, reaffirming its commitment to strengthening responsible sourcing, transparency, and sustainability in the global diamond sector. As one of the world’s leading centres for diamond cutting and polishing, India continues to play an important role in advancing the objectives of the Kimberley Process.
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