National News
Mumbai Wholesale Gold Jewellers Association to Host Annual ‘Megh Malhar’ Picnic on 19th–20th July
Held amidst the natural beauty of Igatpuri, this two-day gathering aims to provide members with a refreshing break from daily routines, while also strengthening interpersonal and professional relationships.
The Mumbai Wholesale Gold Jewellers Association (MWGJA) is all set to host its much-awaited annual picnic event ‘Megh Malhar’ on 19th and 20th July 2025 at The Grand Resort, Igatpuri. Known for its commitment to unity and collaboration within the jewellery community, the association continues its tradition of creating vibrant platforms that blend business camaraderie with relaxation and joy.
Event Purpose & Significance
The primary objective of the Megh Malhar picnic is to deepen social bonding among members, promote mutual understanding, and foster a stronger sense of unity within the jewellery trade. With an engaging mix of entertainment, games, musical evenings, and cultural programs, the event promises something for every member of the Association.
Leadership and Organizing Team
- This year’s event is being organized under the leadership of:
President: Mahesh Bafna, Gen. Secretary: Shreyans Kothari, Treasurer: Kamal Mehta, Vice Presidents: Sandeep Kothari and Dinesh Kothari, Joint Secretary: Rinku Bafna, Joint treasurer: Narendra Nawlakha, Immediate Past Secretary: Anil Pamecha, Convenors: Nitesh Dhakad, Kamal Kothari, Mitesh Kothari, and Dheeraj Mehta.
With the energetic support of this dynamic team, the event has been meticulously planned to ensure a smooth and enjoyable experience for all participants.
The event is further strengthened by the valuable support of Grafixwale (gold sponsor) BVC logistics (silver sponsor) and active contribution from various enthusiastic members of the Mumbai wholesale jewellery community.
Speaking about the event, Gen. Secretary Shreyans Kothari shared, “Our aim is not only to celebrate, but to bring members closer — personally and professionally. Megh Malhar is a symbol of our togetherness, and we are proud to continue this beautiful tradition of friendship, relaxation, and unity.”
India’s appetite for borrowing against gold is reshaping the country’s credit landscape. Outstanding gold-backed loans have surged 128% from a year earlier, crossing Rs.4 lakh crore ($48 billion) for the first time, according to data from the Reserve Bank of India. As of Jan. 31, loans secured by gold jewellery stood at Rs.4,00,517 crore, marking one of the fastest expansions in retail credit in recent years.
The boom in gold loans has helped propel overall non-food bank credit growth to 14.4% year-on-year. Personal loans now account for 34.5% of total bank lending, outpacing other segments and underscoring a broader shift toward consumer-driven credit expansion
Gold loans alone contributed roughly 9% of incremental bank credit during the period. Between January 2024 and January 2026, outstanding gold-backed credit rose by nearly Rs.3.1 lakh crore—an increase of about 338% over two years—more than quadrupling the size of the portfolio.
Two factors are driving the surge. First, gold prices have climbed roughly 152% over the past two years, increasing the collateral value of household holdings. Second, regulatory guidance requiring banks to classify loans secured by gold explicitly as gold loans has sharpened reporting and accelerated balance-sheet growth in the segment.
The trend highlights a distinctive feature of India’s financial system: households’ vast stock of physical gold, long viewed primarily as a store of wealth, is increasingly being mobilized as collateral for formal credit.
While personal lending and credit to nonbank financial companies within the services sector continue to expand rapidly, industrial credit remains uneven. Loans to micro, small and medium enterprises are growing steadily, but borrowing by large corporations has stayed relatively muted.
Since March 21, 2025, banks have added Rs.21.8 lakh crore to their non-food loan books, translating into 12% growth for the financial year to date. Yet it is gold—rather than factories or infrastructure—that is emerging as one of the most dynamic engines of India’s current credit cycle.
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