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.
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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