Buying gold? Now even 9 karat gold will be hallmarked; here's what you should know
Until now, the Bureau of Indian Standards (BIS) had permitted hallmarking only for gold in 24, 23, 22, 20, 18, and 14 karats.
The ministry of consumer affairs issued the notification on Friday, at a time when gold sales by volume have plunged by 60% in June, marking the steepest drop since the Covid-19 pandemic.
'We had been urging the government to introduce hallmarking of 9 karat gold for over a year. The government's decision will spur movement of gold in the rural areas where the budget for gold jewellery purchase is much lower than urban,' Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA) told ET.
He added that even in urban centres, younger consumers are likely to find 9 karat jewellery more accessible.
Estimated to cost Rs 37,000 per 10 grams, 9 karat gold is significantly more affordable than 24 karat gold, which was priced at Rs 97,828 per 10 grams on Friday.
Including the 3% Goods and Services Tax (GST), retail prices for 9 karat gold come to around Rs 38,110 per 10 grams, while higher karatages cross the Rs 1 lakh mark.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
A fascinating fantasy game!
Sea of Conquest
Play Now
Undo
The move received support from jewellers, especially ahead of the crucial festive season. Demand for gold jewellery traditionally usually surges from Rakshabandhan in August through Diwali, followed by the winter wedding season starting in November.
India consumes 800-850 tonnes of gold annually, with rural India accounting for nearly 60% of this demand, according to IBJA.
Gold prices have surged more than 25% over the past year, largely fuelled by global uncertainties following the Russia-Ukraine conflict.
As a result, many large jewellers have already started offering 9 karat options to attract cost-conscious customers.
Industry experts believe hallmarking of 9 karat jewellery will ease jewellers' working capital pressures, which have risen sharply due to the price hike.
'Many gold jewellery units have started shifting from manufacturing high karatage jewellery to 14 karat and 9 karat jewellery. The hallmarking for 9 karat jewellery will further boost this shift,' said a senior gold trade analyst, cited by ET.
Suvankar Sen, MD & CEO of Senco Gold, noted that lower karat gold is also opening up design possibilities.
Sen said that modern designs come out smartly in 9 karat gold, allowing for innovation. He added that hallmarking will not only enhance customer trust but also strengthen India's gold jewellery export potential.
Mehta added that the BIS will require about a month to put in place the necessary formalities across hallmarking centres nationwide to accommodate 9 karat gold.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
26 minutes ago
- First Post
India-China ties changing: 4 signs, 1 challenge
After a five-year hiatus triggered by the 2020 border standoff, India and China are burying the hatchet, driven by mutual interest and global pressures read more Indian Prime Minister Narendra Modi and Chinese President Xi Jinping meeting in informal setup in 2019 India and China, two of Asia's giants, have been navigating a complex relationship since the deadly 2020 Galwan Valley clash. However, recent developments signal a cautious warming of ties, driven by mutual interest and global pressures, though challenges remain. Here are four indicators of improving relations and one significant hurdle that persists. 1) India resumes tourist visas for Chinese nationals After a five-year hiatus triggered by the 2020 border standoff, India has reinstated tourist visas for Chinese citizens, a move aimed at mending strained ties. The announcement, shared by the Indian embassy in Beijing, was reported by China's state-owned Global Times. Chinese foreign ministry spokesperson Guo Jiakun called it a 'positive move,' expressing China's willingness to enhance 'facilitation of people-to-people exchanges.' STORY CONTINUES BELOW THIS AD The visa suspension, along with restrictions on Chinese investments and apps, followed the 2020 clash that resulted in casualties on both sides. 2) Jaishankar's landmark visit to China External Affairs Minister S. Jaishankar's visit to China from July 13-15 marked a significant diplomatic milestone, the first such trip since the 2020 standoff. Meeting President Xi Jinping, Foreign Minister Wang Yi, and Vice President Han Zheng before attending the Shanghai Cooperation Organisation's Council of Foreign Ministers, Jaishankar noted that both nations have made 'good progress' in normalising relations over the past nine months. He emphasised that maintaining peace along the border is the 'fundamental basis for mutual strategic trust' and called for further de-escalation. 3) China issues 85,000 visas for Indian pilgrims In a reciprocal gesture, China issued over 85,000 visas to Indian citizens in 2025, particularly for those visiting sacred sites like Mansarovar. Chinese Ambassador Xu Feihong announced on X, 'As of April 9, 2025, the Chinese Embassy and Consulates in India have issued more than 85,000 visas to Indian citizens travelling to China this year. Welcome more Indian friends to visit China, experience an open, safe, vibrant, sincere and friendly China.' This surge in visas, following troop disengagement in eastern Ladakh, further signals the strengthening of people-to-people ties. 4) Push for direct flight resumption Both nations have agreed to restore direct flights and mutual travel, suspended since 2020 due to the Covid-19 pandemic and the subsequent border clash. India's Ministry of External Affairs stated, 'The two sides agreed to take additional practical steps, including travel to each other's country and direct flight connectivity, for facilitating people-to-people exchanges.' While China's foreign ministry statement omitted mention of flights, the agreement reflects a shared interest in easing travel barriers between the world's most populous neighbours. The challenge: Reluctance to share technology Despite these positive steps, a key obstacle remains: Chinese companies' reluctance to share technology and data, the same attitude shown by their Western counterparts. This poses a significant challenge to deeper economic collaboration, testing India's diplomatic finesse. As both nations navigate this issue, India's scepticism about China's intentions, given its history as a hostile, irresponsible and unpredictable neighbour, underscores the need for careful engagement. STORY CONTINUES BELOW THIS AD Trump factor- a peace initiative he never takes credit for US President Donald Trump is often visibly eager to claim credit for peace initiatives across the globe in a bid to reinforce his nomination for Nobel Peace Prize. However, the ongoing reconciliation between the two Asian neighbours is something Trump never would brag about. It's Trump's unpredictable policies that have forced Beijing and New Delhi to step closer despite their shared concerns. Recently, China's open support to Pakistan in the four-day standoff with India angered many in New Delhi. However, that frustration didn't culminate in a setback for Sino-Indo ties. India is selectively engaging with Chinese firms while diversifying its economic resources, balancing cooperation with strategic caution.
Deccan Herald
26 minutes ago
- Deccan Herald
Amagi Media Labs to raise Rs 1,020 crore; files DRHP with SEBI
Amagi proposes to utilise the net proceeds of the fresh issue towards investment in technology and cloud infrastructure (Rs 667 crore); funding inorganic growth through unidentified acquisitions and general corporate purposes.
Economic Times
26 minutes ago
- Economic Times
Aditya Infotech GMP robust at 30% ahead of IPO. Should you subscribe?
The upcoming IPO of Aditya Infotech, known for its CP Plus brand in video surveillance and smart camera systems, is making waves in the grey market. Its shares are trading with a grey market premium (GMP) between Rs 205 and Rs 210 per share, translating to a premium of over 30% above the upper price band of the issue. ADVERTISEMENT This strong premium suggests robust interest from investors even before the public offering opens. The GMP is often seen as an unofficial indicator of investor sentiment and potential listing performance. A 30% premium in the grey market ahead of the IPO indicates that the offering has gained strong traction—possibly due to the company's growing presence in smart security solutions, its diversified portfolio, and its expansive domestic distribution network. The price band for the Aditya Infotech IPO has been set at Rs 640–Rs 675 per share. The IPO seeks to raise a total of Rs 1,300 crore at the upper end of the issue comprises a fresh issue worth Rs 500 crore and an offer for sale (OFS) of Rs 800 crore. The lot size has been fixed at 22 shares, which means retail investors will need a minimum investment of Rs 14,850 at the upper price band. ADVERTISEMENT Not more than 75% of the net offer to Qualified Institutional Buyers (QIBs). Not less than 10% to Retail Individual Investors (RIIs). Not less than 15% to Non-Institutional Investors (NIIs). The issue will be managed by ICICI Securities Limited and IIFL Capital Services Limited, with MUFG Intime India Private Limited appointed as the registrar. ADVERTISEMENT Issue Opens: July 29, 2025 Issue Closes: July 31, 2025 Basis of Allotment Finalization: August 1, 2025 Refunds/ASBA Unblocking: August 4, 2025 Shares Credited to Demat Accounts: August 4, 2025 Tentative Listing Date: August 5, 2025 Listing Exchange: BSE and NSE Also read: NSDL IPO: Issue opens on July 30, here's what you need to know about GMP, issue details Brokerage firm Bajaj Broking has assigned a 'Subscribe for long-term' rating for the issue. ADVERTISEMENT Bajaj Broking noted that from a financial standpoint, the company has reported consistent growth over the last three financial years on a consolidated basis. It posted total income and net profit of Rs 22,955 million and Rs 1,083.11 million in FY23, Rs 27,959.6 million and Rs 1,151.72 million in FY24, and Rs 31,229.26 million and Rs 3,513.69 million in company's average Return on Equity (ROE) and Return on Capital Employed (ROCE) stand at 34.53% and 33.27%, respectively. Based on annualized FY25 earnings, the IPO's asking price implies a price-to-earnings (P/E) ratio of 20.44, while the P/E based on FY24 earnings stands at 60.05. ADVERTISEMENT Aditya Infotech Limited (AIL) is a leading player in video security and surveillance solutions in India, operating under the well-known brand name CP Plus. The company offers a wide range of products including smart home IoT cameras, HD analog systems, advanced network cameras, body-worn and thermal cameras, and AI-powered solutions such as automatic number plate recognition, people counting, and heat FY2025, the company offered 2,986 SKUs and operated across 550+ cities and towns. It caters to both residential and enterprise customers with solutions such as smart Wi-Fi cameras, 4G dash cams, EV station management, IoT automation, and AI-enhanced CCTV systems. Aditya Infotech also provides field management services, door automation systems, and has recently introduced CP PLUS AI, an intelligent surveillance solution featuring advanced analytics. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
