National News
New regulations on hallmarking of gold coins announced
The government unveiled new regulations covering gold coins. The following are updates were announced:
- Gold coin of 999 purity and 995 purity, If made by refiners / mint, are not required to be hallmarked. It is exempt from hallmarking as per the order dated January 15, 2020.
- Gold coin of 995 purity can be made by jewelers, but the same is required to be hallmarked by hallmarking agency. this hallmarking is required as gold coin of 995 purity will be categorized as jewellery.
- Gold coin of 999 purity can be made by jewellers, but same will be certified and hallmarked as 995 purity coins. This will be certified and hallmarked as 995 purity only, as the hallmarking centers are not capable to hallmark 999 purity. These will also be categorized as jewellery.
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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