National News
Hallmarking and standardization reforms for gold, silver announced
Plans to include gold bullion under mandatory hallmarking.
Hon’ble Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy Pralhad Joshi chaired the 9th Governing Council Meeting of the Bureau of Indian Standards (BIS), reaffirming the vital role of standardisation in driving India’s economic growth and global competitiveness.
During his presidential address, the Union Minister said BIS has brought 371 districts in the country under mandatory hallmarking scheme of jewellery thereby, providing quality assurance to consumers. He directed that more districts be also added in the coming year. He laid special emphasis on making industry and other stakeholders more aware of BIS initiatives.
He also stressed upon the importance of Indian standards for various products and services and appreciated the milestone achievements of BIS with formulation of 23798 Indian standards across sectors.
Key announcements included:
• Phased rollout of mandatory hallmarking for gold jewellery and artefacts.
• Plans to include gold bullion under mandatory hallmarking.
• Initiatives to standardize silver jewellery.
• Major expansion of Indian quality standards across sectors.
• Substantial investment to upgrade BIS testing infrastructure
The Minister stressed the need for greater awareness among industry and other stakeholders about BIS initiatives. Enhanced awareness is crucial for ensuring compliance, fostering trust, and encouraging voluntary adoption of standards beyond mandatory requirements.
National News
GJC Delegation Meets RBI Deputy Governor, Makes GMS Presentation
The Proposal Was Acknowledged As An Innovative Initiative With The Potential To Become A Game Changer For The Industry and The Nation.
A GJC delegation comprising Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta, and National Secretary Mitesh Dhorda met with Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, along with his senior team.
During the meeting, the delegation made a detailed presentation on the proposed Gold Monetization Scheme (GMS). The RBI team appreciated the concept of the scheme. The proposal was acknowledged as an innovative initiative with the potential to become a game changer for the industry and the nation.
GJC remains committed to working closely with all stakeholders —including the government, banks, jewellers, gold depositors, and temple trusts—in the larger national interest and for the sustainable growth of the GJ industry.
The Gold Monetization Scheme (GMS) in India was launched with the primary objective of reducing gold imports by mobilizing the vast amount of idle gold held by households, institutions, and temple trusts, thereby decreasing the country’s heavy reliance on gold imports. By encouraging depositors to bring their unused gold into the formal banking system, the scheme puts this dormant gold into productive economic purposes, such as meeting the needs of jewellers and industries without requiring fresh imports.
Additionally, the scheme allows depositors to earn interest on their gold deposits instead of keeping gold idle at home, transforming a non-yielding asset into an income-generating investment while simultaneously strengthening India’s gold supply chain and reducing the trade deficit.
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