Connect with us

National News

WGC India Gold Market Update: Import Tightening

Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR

Published

on

Highlights 

  • Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
  • Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
  • Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
  • Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.

Policy actions on gold imports

Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.

On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

National News

GJS 2026 Diwali Edition Concludes On A High Note With Record Sales

Published

on

The All India Gem & Jewellery Domestic Council (GJC) successfully concluded the landmark 10th edition of the India Gem & Jewellery Show (GJS 2026 Diwali Edition), celebrated as #HumaraApnaShow, at the Jio World Convention Centre, Mumbai. From October 2–4, 2026, the exhibition reaffirmed its position as India’s most premium B2B jewellery platform, bringing together over 400 exhibitors, 700+ booths, and thousands of buyers and industry leaders from across India and abroad.

The show began on October 1, 2026, with the Elite Family Jewellers Meet & Business Workshop, led by India’s leading business coach Rahul Jain, designed exclusively for jewellery business owners and their families. The workshop provided participants with strategies on growth, profitability, leadership, and customer acquisition, setting the stage for an enriching exhibition.

The show was inaugurated on October 2, 2026, by Chief Guest Shri Uday Samant Ji, Cabinet Minister for Industries and Marathi Language, Government of Maharashtra, who lauded GJS as a platform that reflects the strength, creativity, and resilience of India’s jewellery industry. He emphasized Maharashtra’s role as a hub for trade and craftsmanship, noting that GJS showcases how tradition and innovation can come together to drive growth. His words set the tone for an inspiring edition that celebrated both heritage and modernity.

Guest of Honour Srinivas Injeti, Chairman NSE and Chairman of the board IAGES, Mahesh Jain, President, UP Sarafa Association, and Special Guest Rajiv Jain, Chairman, Jaipur Jewelley Show along with members of the GJC Committee of Administration and other senior industry leaders, underscoring the collective strength and unity of India’s jewellery fraternity.

On October 3, the prestigious National Jewellery Awards (NJA) 2026, presented by the World Gold Council and powered by India Gold Metaverse, honoured excellence across categories. The evening was graced by Bollywood star Sonakshi Sinha, who presented awards to the winners, adding glamour and recognition to the industry’s most coveted celebration.

Throughout the three days, GJS hosted MindSpeak Seminars, covering diverse topics across all aspects of the jewellery business — from sustainable practices and digital transformation to consumer trends, family business strategies, and the growing role of Artificial Intelligence (AI) in design, retail, and customer engagement. These sessions empowered jewellers with insights to adapt to evolving market dynamics and embrace technology-driven growth.

The exhibition also showcased exclusive collections ranging from lightweight contemporary designs to heritage-inspired masterpieces, lab-grown diamond innovations, and couture jewellery.

Rajesh Rokde, Chairman of GJC, said:

“The successful conclusion of the 10th edition of GJS is a proud moment for India’s jewellery industry. From the grand inauguration led by Shri Uday Samant Ji to the NJA awards presented by Sonakshi Sinha, this edition has set new benchmarks in innovation, networking, and business growth. The record sales figures highlight the resilience of our industry and the trust consumers place in Indian craftsmanship.”

Avinash Gupta, Vice Chairman of GJC, remarked:

“GJS2026 has proven to be the ultimate sourcing destination for jewellers nationwide. The strong participation, exclusive collections, and vibrant sales reflect the industry’s ability to balance heritage with modernity. The NJA awards further reinforced the industry’s credibility by honouring talent and innovation, making this edition truly memorable.”

Saiyam Mehra, Convenor of GJS and GJC NEXTGEN and Past Chairman of GJC, added:

“This edition of GJS was more than an exhibition—it was a celebration of resilience, creativity, and opportunity. As Convenor of GJS, I am proud to see how these platforms together showcased innovation, honoured excellence, and inspired the industry to embrace the future with confidence. The seminars, awards, and unique showcases have strengthened our collective vision for India’s jewellery sector as a global hub of excellence.”

The 10th edition of GJS concluded with resounding success, leaving behind a legacy of innovation, collaboration, and celebration that will continue to inspire the jewellery industry in the years to come.

Uday Samant, Cabinet Minister for Industries and Marathi Language, Government of Maharashtra, unveiled the JewelBuzz GJS Diwali Edition Special Issue, featuring Rajesh Rokde, Chairman, GJC, on the cover.

Continue Reading

Trending

JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x