National News
Kunjikannan Jewellery, holder of first hallmarking license in the country honoured
C.V. Raveendranath, owner of Kunjikannan Jewellery,was honored by the Kannur District Committee as per the instructions of the All Kerala Gold and Silver Merchants Association State Core Committee.
The Indian gold jewellery market, historically steeped in tradition and trust, underwent a significant transformation 25 years ago with the introduction of the gold hallmarking system. This pivotal move, designed to protect consumers and standardize the industry, brought much-needed transparency and reliability. Among the pioneers who embraced this system was Kunjikannan Jewellery, located in the Kannur district of Kerala, which secured the first hallmarking license in the country.
Prior to the implementation of hallmarking, the Indian gold market was largely unregulated, leading to widespread concerns about the purity and quality of gold jewellery. Consumers often faced challenges in verifying the authenticity of their purchases, leaving them vulnerable to fraudulent practices. The introduction of the hallmarking system, spearheaded by the Bureau of Indian Standards (BIS), aimed to address these issues by providing a standardized mechanism for certifying the purity of gold.
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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