India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s tonnage as a price drop favored retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit. The 2021 gold import bill easily doubled the $22 billion spent in 2020 and surpassed […]
The rollout of mandatory hallmarking of gold jewellery in 256 districts has been smooth so far and the process of expanding it to all districts of the country is now underway, according to the Consumer Affairs Ministry. Hallmarking, a quality certification, has been made mandatory with effect from June 23, 2021 for 14, 18, and […]
More than 1.26 lakh jewellers have registered for gold hallmarking since its mandatory implementation from June this year, the government said. Mandatory gold hallmarking, a purity certification of the precious metal, came into force from June 23 in a phased manner. The government has identified 256 districts from 28 states and union territories for its […]
Gold imports by India plummeted in May 2021 after the deadly wave of the pandemic shuttered stores and restricted mobility, wiping out demand during key festivals and weddings. Against an import of 70.3 tonnes in April 2021, inbound purchases slumped to 11.3 tonnes last month in May 2021, as per a report in Business Standard.. […]
MSMEs and startups in the jewellery sector heaved a temporary sigh of relief following a court’s order directing the Bureau of Indian Standards (BIS) to avoid taking any coercive action on jewellers till June 14, 2021, who are not able to comply with mandatory hallmarking regulation by June 1, 2021. The Nagpur Bench of Bombay […]
The All India Gem and Jewellery Domestic Council (GJC) has urged the government to extend the deadline for implementation of mandatory hallmarking of gold jewellery to June 2022 due to the COVID-19 pandemic and lack of infrastructure. The government has mandated that all jewellery has to be hallmarked by June 2021. Jewellers have asked for […]
India’s gold imports in March 2021 surged by 471 per cent from a year earlier to a record 160 tonnes, as reduction in import duties and correction in prices from record highs drew retail buyers and jewellers alike. In value terms, March 2021 imports surged to $8.4 billion from $1.23 billion a year ago. The […]
The national body of the gems and jewellery industry All India Gem and Jewellery Domestic Council (GJC) has written to the Chief Minister of Maharashtra Uddhav Thackeray to allow jewellers to operate on the festive days in the month of April and the upcoming wedding season despite the lockdown. There are several auspicious occasions such as Gudi […]
Demand for physical gold in India has been surging as local prices have dropped to their lowest levels since June last year. Gold buying is also expected to pick up in other Asian centres after the Chinese Lunar New Year holiday week. In India, dealers were charging a premium of up to $7 an ounce over […]
The appetite for sovereign gold bonds (SGBs) has seen a record increase during the first half of this month. In the July 2020 SGB issue, the government sold bonds worth Rs 2,004 crore, according to official data. This means bonds equivalent to gold worth 4.13 tonnes were sold. Ever since the launch of SGBs in November 2015, […]
