India’s jewellery market is facing a mix of high gold prices, regulatory changes, rising transaction costs and growing compliance requirements. Against this backdrop, gold traders in Kerala are planning a long-term initiative focused on improving transparency, supporting traditional businesses and strengthening the wider ecosystem connected to the State’s gold trade.
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KGSMA Launches ‘Vision 2030’ for Kerala’s Gold Sector
The Kerala Gold and Silver Merchants Association (KGSMA) has decided to implement a comprehensive ‘Vision 2030’ action plan aimed at making Kerala’s gold trade sector stronger, more transparent and more modern.
The decision was taken during a state committee meeting, where the association also announced plans to conduct 100 study sessions across Kerala. The sessions are intended to promote awareness among traders and other stakeholders while helping advance the objectives of the initiative.
Focus on Small Jewellery Businesses and Artisans
According to KGSMA, one of the key priorities under Vision 2030 will be ensuring the survival of small and medium-sized jewellery businesses. The plan will also focus on protecting workers and artisans and preserving Kerala’s traditional gold trade practices.
Association office-bearers said gold is not merely an ornament but also represents savings and financial security for millions of families. They emphasized the importance of policies that support legitimate and transparent businesses instead of weakening the organised gold trade.
High Gold Prices and Import Duties Among Key Concerns
The meeting covered several challenges currently affecting the gold industry. These included record-high gold prices, high import duties, valuation of old gold, fake HUID numbers and hallmarking-related concerns, GST and additional costs associated with digital transactions.
KGSMA office-bearers K. Surendran, state president, and S. Abdul Nazar, general secretary, said a rational reduction in import duties, along with measures to promote the recycling of domestic old gold, could strengthen legitimate trade and help curb illegal gold trading.
The association also demanded the withdrawal of increased UPI and HUID charges.
Demand for State-Level SOP on Old Gold Purchases
Another significant demand from KGSMA is the introduction of a State-level Standard Operating Procedure (SOP) for purchasing old gold.
According to the association, a standardised mechanism could help protect jewellery traders from financial losses and legal complications, particularly in cases where they unknowingly purchase stolen gold.
The proposal is aimed at establishing clearer procedures for old-gold transactions and providing greater clarity to businesses operating in the sector.
KGSMA Seeks Action Against Fake HUID and Hallmarking Fraud
KGSMA has also called for stricter action against fake HUID numbers and fraudulent hallmarking practices.
The association plans to increase awareness campaigns in collaboration with agencies such as the Bureau of Indian Standards (BIS). The objective is to improve compliance within the jewellery trade while also helping consumers better understand hallmarking and authenticity-related requirements.
Vision 2030 Targets Wider Gold Industry Ecosystem
KGSMA said strengthening Kerala’s gold trade goes beyond protecting jewellery traders. The association highlighted the importance of the sector for the large workforce involved in jewellery manufacturing, trading and craftsmanship.
The association said the initiative also concerns protecting workers and artisans, safeguarding consumers, maintaining tax revenue for the State and supporting the wider economy.
With Vision 2030 and the planned 100 study sessions, KGSMA aims to create greater awareness around industry challenges while encouraging a more transparent and organised gold trade in Kerala.
FAQ’s
1. What is the Vision 2030 initiative announced by KGSMA?
Vision 2030 is a comprehensive action plan announced by the Kerala Gold and Silver Merchants Association to strengthen, modernise and improve transparency in Kerala’s gold trade. The initiative focuses on supporting jewellery businesses, workers and artisans while addressing regulatory, operational and consumer-related challenges.
2. Why is KGSMA planning 100 study sessions across Kerala?
KGSMA plans to organise 100 study sessions across Kerala to increase awareness among gold traders and other stakeholders. These sessions are expected to support the implementation of Vision 2030 and provide greater understanding of issues affecting the State’s jewellery and gold trade.
3. What major issues affecting Kerala’s gold trade were discussed?
The association discussed several industry concerns, including high gold prices, import duties, old-gold valuation, fake HUID numbers, hallmarking, GST and additional costs linked to digital transactions. KGSMA also raised concerns about increased UPI and HUID charges and called for measures to support legitimate gold trading.
4. Why is KGSMA seeking a State-level SOP for old-gold purchases?
KGSMA has proposed a State-level Standard Operating Procedure for purchasing old gold to provide clearer guidelines for traders. According to the association, such a framework could help reduce financial and legal risks for businesses that may unknowingly purchase stolen gold.
5. How does KGSMA say the gold trade affects Kerala’s wider economy?
KGSMA views the gold trade as an important part of Kerala’s broader economic ecosystem. According to the association, strengthening the sector can help protect jewellery workers and artisans, safeguard consumers, support legitimate businesses, maintain tax revenue and contribute to the wider economy.
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