National News
Surge In Gold Hallmarking Fees Raises Concerns Of Fraud
GJC Has Formally Petitioned The Consumer Affairs Minister and The BIS, Demanding A Rollback To The Original ₹45 Rate.
A steep surge in gold hallmarking fees has sent shockwaves through India’s jewelry industry, triggering severe concerns among trade leaders over the risk of market distortion and a potential resurgence of counterfeit stamping.
GJC has issued a warning regarding the recent regulatory price revision. The fee for hallmarking gold jewelry jumped from Rs 45 to Rs 75 per article—a sudden 66.67% increase that industry leaders argue imposes a disproportionate operational and compliance burden on retailers.
Key Financial & Operational Impacts
Rs 480-Crore Systemic Cost:
Based on the 132.2 million jewelry articles hallmarked during FY 2025–26, the fee revision adds an estimated ₹400 crore in direct expenses to the ecosystem, along with approximately Rs 80 crore in Goods and Services Tax (GST).
Working Capital Pressure:
Turnaround times at Assaying and Hallmarking Centres (AHCs) have stretched from 6 hours to 24–36 hours, trapping inventory and driving up financing costs for retailers.
Low Consumer Awareness:
Despite the mandatory status of the Hallmark Unique Identification (HUID) system, awareness of verification tools—such as the Bureau of Indian Standards (BIS) Care mobile app—remains critically low.
Trade associations estimates that only 10% of India’s 800 districts possess adequate awareness of the digital verification process.
Fraud Risks and Regulatory Pushback
The widening cost margin and limited consumer education create a fertile ground for bad actors, particularly across Tier-2, Tier-3, and Tier-4 cities. Trade representatives caution that sophisticated counterfeiters are increasingly attempting to replicate physical safeguards, including mandatory item photography.
GJC has formally petitioned Consumer Affairs Minister Pralhad Joshi and the BIS, demanding a rollback to the original Rs 45 rate. The council has requested a full financial audit of AHC operational expenses to justify the steep fee hike.
While government data indicates significant scaling—expanding from 1,220 AHCs in July 2022 to 1,577 by July 2026, with over 650 million cumulative HUID articles processed—the trade contends that without broader public education and streamlined logistics, price escalation risks undermining the integrity of India’s gold standard.
National News
Gold prices in India extend recovery on softer U.S. dollar, easing Treasury yields, lower crude oil prices.
Market participants attributed the firming metal prices to a pause in U.S. yield gains following strong demand at the latest 30-year U.S. Treasury auction, which relieved pressure on non-yielding assets.
Gold prices in India extended their recovery on Saturday, with 24-carat gold climbing back above the 151,000 rupee mark per 10 grams, supported by a softer U.S. dollar, easing Treasury yields, and lower crude oil prices.
The domestic benchmark rate for 24K gold rose by 710 rupees, or approximately 0.47%, to 151,420 rupees per 10 grams. For bulk purchases, 100 grams of 24K gold stood at 1,514,200 rupees, up 7,100 rupees from the previous session.
Jewellery-grade 22K gold advanced by 650 rupees to 138,800 rupees per 10 grams, while 18K gold climbed 540 rupees to hit 113,570 rupees per 10 grams. Per sovereign (8 grams), 24K gold traded at 121,136 rupees and 22K gold at 111,040 rupees.
The rebound follows a volatile week for bullion. Over the past four sessions, 24K gold has climbed nearly 1.5%, gaining roughly 2,240 rupees from 149,180 rupees on Oct. 6. On the Multi Commodity Exchange (MCX), gold futures rebounded above 151,000 rupees after dipping toward the 149,000 rupee level earlier in the week.
In international markets, spot gold traded near $4,174.78 an ounce after recovering from $4,118.63 in the previous session and briefly breaching $4,200. International spot silver surged over 2% to trade around $60.40 an ounce, driving domestic silver rates in India to approximately 235,000 rupees per kilogram.
Market participants attributed the firming metal prices to a pause in U.S. yield gains following strong demand at the latest 30-year U.S. Treasury auction, which relieved pressure on non-yielding assets.
However, analysts warned that near-term gains may remain capped due to expectations surrounding Federal Reserve monetary policy.The key constraint is the Federal Reserve’s hawkish stance, with policymakers signaling that further tightening may be necessary to bring inflation back to target.
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