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Time of India
3 hours ago
- Business
- Time of India
IBJA asks Bureau of Indian Standards to implement mandatory self-hallmarking of silver products by jewellers
The India Bullion & Jewellers Association (IBJA) has written to the Bureau of Indian Standards (BIS) to implement mandatory self-hallmarking of silver products by jewellers themselves instead of hallmarking agencies, otherwise there could be high costs for jewellers which they may be forced to pass to consumers. The jewellery and gold trade association said moving bulky silver artefacts like silver utensils, furniture and idols to hallmarking centres will result in high logistic costs. For small items like jewellery and silverwares the weight is very less and hence the price is also within Rs 3,000 as per current silver price. Explore courses from Top Institutes in Please select course: Select a Course Category MBA PGDM MCA Finance Digital Marketing Management Artificial Intelligence Data Science Public Policy Healthcare Cybersecurity Others healthcare Degree Product Management Leadership Project Management Operations Management CXO Data Science others Data Analytics Design Thinking Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details "To carry out hallmarking of these small items may be expensive affair for jeweller and consumer as well. Further hallmarking agency may not be able to handle so much volume of small silver items/jewellery," IBJA's national secretary Surendra Mehta wrote in the letter dated July 18. At present, there are 1622 hallmarking and assaying centres in the country. The IBJA letter suggested jewellers can themselves assign a unique code for every piece and put the code in the invoice too. It also said other existing rules and fines for gold hallmarking can also be amended. IBJA in the letter said as silver price has surged in market, it is essential that consumers are not cheated. "We have found that more and more consumers are now opting for silver jewellery and bypassing gold jewellery purchase. However, silver jewellery and artefacts hallmarking are not mandatory in nature and these leaves ample room for consumers to be cheated by jewellers," said the letter. Silver on Friday was trading at Rs 1,14,252 per kg at the retail end. Cheating is rampant in silver jewellery, said Chirag Sheth, principal consultant (South Asia) of Metals Focus, a London-based precious metals consulting firm. "Payal that women wear on their feet is the most sold silver jewellery product in India. They control 50% of the silver jewellery market that stood at 2,700 tonnes in 2024. It is well known in the industry circles that many a time jewellers use silver alloys in this product, which customers are unable to find out. So hallmarking is definitely required for silver items. Also, the demand for silver jewellery is increasing among the young crowd because of the affordability of the product and they are asking for hallmarking." Sheth said silver jewellery consumption has grown three-fold from 900 tonnes in 2010 to 2,700 tonne in 2024. India depends on imported silver to meet its domestic demand.
Time of India
3 days ago
- Business
- Time of India
Buying gold? Now even 9 karat gold will be hallmarked; here's what you should know
The government officially notified hallmarking standards for 9 karat gold, in a move aimed at reviving consumer interest in gold jewellery amid record-high prices. 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
Time of India
4 days ago
- Business
- Time of India
Government introduces hallmarking for 9 karat gold
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The government on Friday notified hallmarking of nine karat gold jewellery which the industry said will help to revive demand for light weight gold jewellery when high price of gold is keeping consumers away from the yellow notification was made by the ministry of consumer affairs which till now had specified hallmark standards for gold of 24, 23, 22, 20, 18 and 14 karats. This comes at a time when gold sales by volume fell by 60% in June, the steepest fall since Covid.'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," said Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA). He said even in urban areas, younger consumers will now buy gold price of 9 karat of gold is estimated to be Rs 37,000 per 10 gm, which is much lower than Friday's 24 karat gold rate of Rs 97,828 per 10 gm. With a 3% goods and services tax, 9 karat gold costs Rs 38,110 per 10 gm at the retail end while it crosses Rs 1 lakh per 10 gm for higher jewellery industry is particularly happy since the announcement came ahead of the crucial festive season when gold sales is expected to increase. Demand typically increases from Rakshabandhan in August and continues till Diwali, followed by the winter wedding season which begins from annually consumes 800-850 tonnes of the yellow metal. Of this, nearly 60% is consumed by rural India, as per the Russia-Ukraine war, gold price has been on a boil and has rallied by over 25% in the last one year. Due to this, several large jewellers have recently started selling 9 karat jewellery to attract executives said the hallmarking for 9 karat will help jewellers to reduce their working capital requirement which had shot up due to price surge. '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 Sen, managing director & CEO of jewellery chain Senco Gold , said modern designs come out smartly in 9 karat gold allowing for design innovation. "Hallmarking will give confidence to customers. It will also boost exports of gold jewellery from the country,' he said BIS will take at least one month to put in place all the formalities at the hallmarking centres spread across the country for 9 karat gold hallmarking
India.com
6 days ago
- Business
- India.com
Gold And Silver Prices Decline For 2nd Consecutive Day
New Delhi: Both gold and silver saw a drop during Wednesday's trading session, continuing their downward trend for the second consecutive day this week amid looming uncertainty around the US tariffs. The price of 24-carat gold dropped by Rs 416, from Rs 97,916 to Rs 97,500 per 10 grams, according to the India Bullion and Jewellers Association (IBJA). Similarly, the price of 22-carat gold decreased by Rs 381 from Tuesday's price of Rs 89,691 to Rs 89,310 per 10 grams. Additionally, the price of 18-carat gold dropped, from Rs 73,437 per 10 grams in the previous session to Rs 73,125 per 10 grams. Following the trend, the price of silver dropped from Rs 1,11,997 per kilogram to Rs 1,11,200, a decrease of Rs 797. In the week ahead, key U.S. data, including PPI and jobless claims, will guide further movement, according to analysts. The futures market, meanwhile, is moving upward. Both gold and silver displayed a positive trend in the futures market, despite the drop in spot prices. Gold for delivery on August 5, 2025, was trading at Rs 97,415 on the Multi Commodity Exchange (MCX), up 0.21 per cent. At Rs 1,11,805, silver futures for delivery on September 5, 2025, were up 0.29 per cent. The price of gold and silver increased slightly on the global stage. Silver increased by 0.34 per cent to $38.24 per ounce on the Comex exchange, while gold increased by about 0.27 per cent to $3,345.60 per ounce. "Gold is caught in a consolidation, with prices remaining rangebound between $3,300 and $3,500 per ounce. The market is missing an imminent trigger to restart the recent rally, despite a broad-based agreement on a favourable fundamental backdrop," said Julius Baer, Head of Economics at Carsten Menke. 'Central bank buying is still sound but not as strong as earlier in the year. We still see a longer-term favourable fundamental backdrop. Silver, meanwhile, broke out, first and foremost reflecting renewed investor interest. Its catch-up potential to gold seems to be very much exhausted. We lift our price targets but downgrade our view to Neutral,' Baer said.
Hans India
15-07-2025
- Business
- Hans India
Gold, silver prices decline amid global tariff uncertainty
New Delhi: The gold and silver prices declined on Tuesday after having an upward rally for the past two days, amid escalating uncertainties around the US tariffs. The price of 24-carat gold dropped by over Rs 300, according to the India Bullion Jewellers Association (IBJA). Ten grams of 24-carat gold cost Rs 387 less, from Rs 98,303 to Rs 97,916. The price of 10 grams of 22-carat gold also decreased, going from Rs 90,045 to Rs 89,691, a decrease of Rs 354. Additionally, the price of 18-carat gold fell, from Rs 73,727 to Rs 73,437 during the previous trading session, a decrease of Rs 290. 'Continued tariff escalations by the US on global partners have kept uncertainty high, supporting safe-haven buying in gold, said Jateen Trivedi from LKP Securities. The price of silver also saw a sharp decline. Silver's price dropped from Rs 1,13,867 to Rs 1,11,997 per kilogram, a decrease of Rs 1,870. The futures market received conflicting signals despite the spot market's price decline. Gold futures with an expiration date of August 5, 2025, increased by 0.04 per cent to Rs 97,815 on the Multi Commodity Exchange (MCX). On the other hand, silver futures with an expiration date of September 5 fell 0.29 per cent to Rs 1,12,611. On a global scale, the market witnessed divergent patterns. Silver prices dropped 0.38 per cent to $38.59 per ounce on the Comex, while gold prices increased 0.21 per cent to $3,366.20 per ounce. 'Gold prices stayed in a narrow range of Rs 97,750–Rs 98,050 as Comex gold traded positive near $3,365 with a $20 rise,' Trivedi said. With US CPI data scheduled this week, traders remain cautious. Overall, gold is expected to remain volatile within the Rs 97,500–Rs 98,500 range, the analyst stated. Despite mixed movements in futures and international markets, Tuesday's trading session provided some respite for buyers seeking a chance to buy precious metals at a reduced price.
