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India’s gold demand improves as prices dip

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Gold demand in India saw a slight improvement towards the week’s end as prices fell from record highs, yet remained below normal levels. Discounts in China persisted due to low activity, and India’s imports are predicted to drop significantly by 85 per cent in February. Meanwhile, gold trades in Singapore, Hong Kong, and Japan show varying premiums and discounts.

India’s gold demand improved in the second half of this week but remained lower than normal as prices retreated from all-time-high levels, while traders continued to offer discounts in China as activity remained lacklustre. Domestic gold prices were trading around 84,750 rupees per 10 grams on Friday after hitting a record high of 86,592 rupees last week.

Indian dealers this week offered a discount of $12-$27 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from the last week’s discount of $35.

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GJC Addresses HUID Data Exposure Issue With BIS, Corrective Measures Are Currently Being Initiated

BIS Care App That  Exposed The Name and Addresses Of Jewellers While Verifying HUID Details .

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The All India Gem and Jewellery Domestic Council (GJC) has successfully intervened following a technical anomaly on the BIS Care App that  exposed the name and addresses of jewellers while verifying HUID details .

Over the past few days, the BIS Care App was found to be displaying the names and addresses of individual jewellers during routine Hallmark Unique Identification (HUID) verifications. Recognizing the privacy implications for its members, GJC immediately escalated the matter to the highest appropriate levels within the Bureau of Indian Standards (BIS).

Upon receiving GJC’s representations, BIS officials acknowledged the discrepancy. The Bureau clarified that such operational details are strictly intended to be visible only for corporate jewellers who have voluntarily opted into the ‘Transfer HUID’ module under the current BIS framework. The data exposure was not intended for general registered jewellers.

GJC has been assured that BIS has escalated the issue internally. Corrective measures are currently being initiated on a priority basis, and the technical glitch is expected to be fully resolved at the earliest.

GJC remains fiercely committed to safeguarding the interests of the domestic jewellery trade the Council stated, reaffirming its dedication to ensuring that members’ operational concerns are promptly and effectively represented before regulatory authorities.

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