Latest news with #2016
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Business Standard
2 days ago
- Business
- Business Standard
Hallmarking for 9 carat gold gets green light: What it means for consumers
The government has approved hallmarking standards for 9 carat gold, making it officially part of the Bureau of Indian Standards' (BIS) hallmarking system. The notification was issued by the Ministry of Consumer Affairs, and the rule will take effect from this month, June 2025. What's happening: According to BIS, 9K gold must have a minimum fineness of 375 parts per thousand, and will now be subject to the same regulations as other gold categories. Jewellers and hallmarking centres must comply starting July 2025. Why it matters: Gold prices have surged to record highs in India, crossing ₹99,000 per 10 grams and briefly hitting ₹1,00,484 on the MCX. This has led to many consumers being priced out of the market. By making 9 carat gold (which costs roughly ₹38,110 per 10 grams, including GST) part of the hallmarking system, the government aims to: The background: Until now, hallmarking in India was permitted only for 24K, 23K, 22K, 20K, 18K, and 14K gold. The BIS hallmark certifies the gold's purity (measured in parts per thousand) and ensures consumer protection under the BIS Act, 2016. The absence of 9 carat gold from the list had limited jewellers' ability to sell lower-purity, affordable options with government-backed certification. That gap has now been filled. This development comes after a steep 60 per cent drop in gold sales by volume in June, the sharpest decline since the Covid-19 pandemic. Why have gold prices surged? Gold prices are surging due to a combination of global and domestic factors. Investors are turning to gold as a safe-haven asset amid heightened geopolitical tensions, particularly between the US and China, and growing political instability. A significant drop of over 4 per cent in the US Dollar Index this year has further boosted gold's appeal on the global stage. Central banks, especially in Asia, are increasing their gold reserves to diversify away from the US dollar, driven in part by concerns over political risks such as the freezing of Russian central bank assets. Additionally, the US Federal Reserve's interest rate cuts have made gold, which does not yield income, relatively more attractive. In India, domestic demand remains strong due to cultural and seasonal factors—key festivals in India traditionally see a rise in gold purchases, keeping demand high regardless of price trends. Industry speaks: Officials and industry leaders have welcomed the move as overdue and timely. 'We had been urging the government to introduce hallmarking of 9 carat gold for over a year,' said Surendra Mehta, national secretary, India Bullion & Jewellers Association (IBJA), speaking to The Economic Times. 'This will spur demand, especially in rural areas.' Suvankar Sen, MD & CEO of Senco Gold, added, 'It's a great initiative to make gold jewellery more accessible amid high prices. Modern designs come out smartly in 9K gold, and this move also supports innovation and exports.' The bigger picture: India is one of the world's largest consumers of gold, using 800–850 tonnes annually. Global factors, including inflation and geopolitical tensions like the Russia-Ukraine war, have driven up gold prices by over 25 per cent in the past year. Amid this, jewellers are increasingly turning to lower-carat jewellery to reduce production costs and attract budget-sensitive buyers, and hallmarked 9K jewellery could unlock new export opportunities, especially for lightweight, design-centric collections. What to watch out for: The new standard takes effect from July 2025, so not all jewellers may immediately offer hallmark-certified 9K gold. Consumers should look for the BIS hallmark and the fineness mark (375) when buying 9 carat jewellery. Gold watches and pens are now excluded from the BIS artefact definition; consumers should be aware that these items may not be hallmarked even if ma
Gulf Today
3 days ago
- Sport
- Gulf Today
Retiring Russell cherishes WC semis vs India, two trophies as special moments
Ahead of his final days of playing international cricket, big-hitting all-rounder Andre Russell has highlighted his knock in the 2016 T20 World Cup semi-final against India and winning two trophies for his nation in the shortest format as his most important moments of being in the West Indies set-up. Russell, who was a member of West Indies' T20 World Cup winning squads in 2012 and 2016, will play his last two international matches on July 20 and 22 when the hosts' take on Australia in the first two T20I games at his homeground in Sabina Park. 'Definitely, the 2016 World Cup. That semi-final game against India where I took the team home, me and Lendl Simmons. Obviously, the start that we got from the other batters, chasing 190 plus in that semi-final in India with a crowd supporting India only. 'I think that was already a bit of pressure, but the wicket was a very good wicket. The confidence that we had in the changing room and the batters that were left to come, it gave me the confidence and the freedom to go out and play the role that I did. Obviously, two World Cups, it's just a different emotion.' 'You sleep, you wake up and you realise you've only been sleeping for two hours. But you feel well rested because you just want to see what's going on the internet. 'You want to see all of those memories and all of those good comments. I think those are the two most important moments (of me) playing for West Indies,' said Russell in a video by Cricket West Indies' (CWI) after the end of a training session. In 84 T20Is for the West Indies, Russell, 37, amassed 1078 runs and picked 61 wickets so far. 'It's a pretty good feeling. The first time I came to Sabina Park as a kid, and then to actually walk on the grass and feel the atmosphere and look in the stands and everything, and now I've achieved so much out of cricket for the last couple of years. 'I've done my best in every chance I got representing West Indies. I think it's the perfect ground and the perfect series against a good team like Australia to end my international career. 'By just seeing the posts and seeing stuff going around on the internet, I got a bit emotional to be honest. But decisions are already made and I think I've done well enough to actually say yes that's it for me towards international cricket,' he added. Once the Jamaica leg of T20Is will be over, Russell will follow Nicholas Pooran into becoming the second high-profile West Indies player to quit international cricket in a very short span. Amidst all this, Russell said his focus is still on making West Indies win in the two games at his home ground. 'First, I would say I want to make sure that we win these two games, and give the fans something good to celebrate. Especially, cricket hasn't been played here in a while. 'So I think whoever comes out to support, any series, any form of cricket which is played back in Jamaica, fans will want to come out.' 'I think once the last game that people watch, they tend to remember the good or the bad. So once we play two good games here and we finish on a high, definitely, who knows cricket can be back and the love and support in Jamaica will always be there.' 'Definitely, I want to see Sabina Park full with all the cricket fans around the country. When the team moves on to St. Kitts, definitely I want to see that support as well. 'I'll be watching and I want to make sure that we start off well here at Sabina Park. Fans, support whether you're watching us on the telly or you're here in the stands,' he elaborated. Agencies
Mint
4 days ago
- Sport
- Mint
Andre Russell picks his special moment for West Indies ahead of retirement contest
New Delhi [India], July 19 (ANI): West Indies power-hitter Andre Russell, who is set to retire from international cricket, handpicked his swashbuckling knock in the semi-final of the 2016 T20 World Cup in Mumbai against the hosts India, as his best moment with the Men in Maroon. During the West Indies' pursuit of 193, Russell arrived at the crease on number five with 77 required from 41 deliveries. Russell upped the ante and walloped 33 off just 20 balls, hammering Virat Kohli over the midwicket to power the Caribbean side in the final with two balls to spare. "Definitely [my best moment was] the 2016 World Cup, that semi-final game against India where I brought the team home, me and Lendl Simmons, and obviously the start that we got from the other batters," Russell said in a Cricket West Indies (CWI) interview as quoted from ESPNcricinfo. "Chasing 190-plus in that semi-final in India, with the crowd supporting India only, that was already a bit of pressure, but the wicket was a very good wicket, so the confidence that we had in the changing room and the batters that were left to come, it gave me the freedom and the confidence to go out and play the role that I did," he added. The West Indies went on to overwhelm England in a memorable final to lift the coveted T20 World Cup title for the second time in four years. Remarkably, Russell was a part of both of those special moments. "Obviously, two World Cups, it's just a different emotion. You sleep, you wake up [on the morning after the final], and you realise you've only been sleeping for two hours, but you feel well-rested because you just want to see what's going on on the internet, you want to see all of those memories and all of those good comments. So those are the two most important moments, playing for West Indies," he said. Russell will be retiring from international cricket after being named in the squad for the opening two games of the five-match T20I series against Australia at home. The two T20Is will take place at his home ground, Sabina Park in Jamaica, and the venue will serve as his farewell to international cricket. "It's a pretty good feeling. I think, [from the] first time I came to Sabina Park as a kid, and then to actually walk on the grass and feel the atmosphere and look in the stands and everything, and [to] now, I've achieved so much out of cricket for the last couple of years. I did my best in every chance I got, representing West Indies," Russell said, on signing off at his home ground. "I think it's the perfect ground and the perfect series - against a good team as well, Australia - to end my international career. By just seeing the [social media] posts and seeing stuff going around on the internet, I get a bit emotional, to be honest, but, you know, decision already made, and I think I've done well enough to actually say, yes, that's it for me towards international cricket," he added. (ANI)
Time of India
4 days ago
- Business
- Time of India
Rera to oversee real estate registrations in Meghalaya
Shillong: Real Estate Regulatory Authority (Rera), Meghalaya will oversee the registration of real estate projects, promoters, and agents, an official statement said on Friday. The Government of Meghalaya had notified the Rera on Feb 18, 2020, under the Real Estate Regulation and Development)Act,2016 to create a transparent, accountable, and efficient framework for the real estate sector. RERA will also oversee compliance with the provisions of the Act and rules made thereunder, an inbuilt adjudicating mechanism for swift resolution of disputes, protection of home buyer interests through regulatory oversight, the official statement added. "The authority comprises a full-time chairman and two members, and functions as an independent statutory body," the statement said. The RERA office is located at the Urban Affairs Complex, Kharmalki (behind Shillong Law College), Dhanketi, Shillong. "This important step reflects the govt's commitment to responsible growth, consumer protection, and transparency in Meghalaya's future real estate development," the statement said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo "RERA Meghalaya urges all promoters, developers, and real estate agents operating in the state to register themselves and their projects as mandated under the Act. This is not only a legal requirement, but also a key step toward building credibility and trust in the real estate ecosystem," the statement highlighted. Failure to comply may attract penalties and regulatory action under the Act, the media statement signed by the chairman, Rera, Meghalaya cautioned.
The Hindu
5 days ago
- The Hindu
BIS officials seize 1.072 kg gold jewellery being sold without hallmark in Vijayawada
Officials of the Bureau of Indian Standards (BIS) conducted raid on a hallmarking centre and seized a fake laser marking machine used for putting Hallmark Unique Identification (HUID), and 1.072 kg of gold jewellery being sold without valid (HUID). Acting on a complaint on fake HUID, the team led by BIS Joint Director T. Arjun, conducted a raid on Sri Lakshmi Hallmarking Centre, located at Narsannapeta in Srikakulam district on Thursday night (July 17, 2025.) 'They found that a laser marking machine was being used for marking HUID, without having BIS recognition,' said BIS Vijayawada Director Prem Sajani Patnala. 'During investigation, it was revealed that the illegal HUID activity was linked to GNR Gold and Diamonds, located at Narsannapeta. Immediately, the BIS team seized the gold ornaments from the jewellery shop,' the Director said in a release on Friday (July 18, 2025.) 'A case under BIS Act, 2016 has been registered against the accused. The offence is punishable with imprisonment up to one year, or not less than ₹1 lakh fine,' Ms. Prem Sajani said. 'Consumers are requested to verify BIS Logo, Purity and HUID on BIS Care Mobile App by entering HUID number which purchasing gold jewellery,' Ms. Prem Sajani said.
