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Prepared in partnership with Monitor Deloitte, the report presents a comprehensive multi-decade strategy to strengthen India’s gold ecosystem through domestic mining, jewellery exports, financialisation, innovation, policy reforms, and institutional coordination. As India advances toward its ambition of becoming a 30 trillion dollar economy by 2047, the report argues that gold can contribute significantly to financial resilience, exports, advanced manufacturing, industrial competitiveness, and sustainable economic growth.

Key Vision for India’s Gold Industry by 2047

The report outlines several ambitious targets designed to reshape India’s gold ecosystem over the next two decades:

• Meet 10–15% of India’s annual gold demand through domestic mining
• Mobilise 10–15% of household gold into the formal financial system
• Make India the world’s No.1 gold jewellery exporter
• Establish a National Gold Board for policy coordination
• Create a Gold Innovation Centre to promote technology, sustainability and innovation throughout the gold value chain

David Tait: Gold is Becoming More Than an Investment Asset

Speaking on the launch of the report, David Tait, CEO, World Gold Council, said:

“India is already central to the global gold ecosystem, and its role is set to become even more significant as global supply chains evolve, financial markets deepen, and strategic technologies advance. Gold’s importance goes well beyond investment and jewellery; it is increasingly critical to industrial innovation, financial resilience and economic security. Swarnim Udaan 2047 sets out a clear pathway for India to modernise and strengthen its gold market — enhancing resource security, supporting financial deepening, enabling advanced manufacturing, and contributing to long-term, sustainable economic growth.”

Sachin Jain: Gold Can Become a Strategic National Asset

Sachin Jain, Regional CEO, India, World Gold Council, stated:

“Gold has always been deeply embedded in India’s cultural and economic fabric. The opportunity now is to unlock its full potential as a strategic national asset aligned with India’s economic priorities. Through coordinated action across mining, recycling, financialisation, jewellery, exports and innovation, gold can become a stronger contributor to India’s Viksit Bharat.”

He further added:

“Swarnim Udaan represents the ascent of India’s Sone ki Chidiya (“Swarnim Udaan 2047”)- rooted in heritage, powered by innovation and aligned with national ambition India can secure its golden future and build a legacy that endures for generations to come.”

Monitor Deloitte Supports the Vision

Harsh Kapoor, Partner, Monitor Deloitte, South Asia, said:

“Swarnim Udaan 2047 presents a bold vision for repositioning gold from a traditional ‘store of value’ to a strategic national asset for India’s future economy. By bringing together policy reform, institutional coordination and innovation, the report outlines how greater value can be unlocked across the entire gold ecosystem while strengthening economic resilience, industrial competitiveness, and long-term value creation. We are proud to have partnered with the World Gold Council in shaping this roadmap towards a Viksit Bharat.”

Five Strategic Pillars of Swarnim Udaan 2047

1. Promoting “Mine in India”

The report proposes that 10–15% of India’s annual gold demand should be met through domestic mining by 2047.

Key recommendations include:

• Declaring gold a Strategic Mineral under the MMDR Act
• Stronger exploration incentives
• Faster environmental and regulatory clearances
• Updated geological data repositories
• Adoption of advanced exploration technologies
• Workforce development for the mining sector

2. Making India “Jeweller to the World”

The roadmap aims to position India as the world’s largest gold jewellery exporter by 2047.

Recommended initiatives include:

• Diversifying exports beyond traditional diaspora markets
• Design localisation
• Strengthening the “Made in India” jewellery brand
• Modernising jewellery manufacturing clusters
• Artisan skill development
• Targeted export support programmes
• Launching the Karigar Connect initiative
• Creating a Gold Jewellery Technology Upgradation Fund
• Organising global showcase events such as India Gold Fashion Week

3. Enabling greater financialisation of Gold

One of the report’s most significant proposals is to mobilise 10–15% of India’s household gold into the formal financial system.

According to the report:

• Indian households currently own approximately 31,000 tonnes of gold
• This gold is valued at nearly Rs 314.9 lakh crore (US$3.4 trillion)
• Monetising just 1% annually could substitute gold imports worth approximately ₹3.1 lakh crore (US$34 billion)

The report recommends stronger participation from banks and reforms in bullion banking to unlock this idle wealth.

4. Reimagining gold jewellery for the modern consumer

With India’s 380 million-plus Gen Z population continuing to grow, the report calls for a modern approach to jewellery retail through:

• Phygital retail experiences
• Contemporary jewellery designs
• Stronger hallmarking
• Improved traceability
• Positioning jewellery as an everyday lifestyle product

5. Unlocking gold’s potential as a strategic national asset and mineral

The report also highlights gold’s growing industrial importance.

It notes that:

• Electronics account for nearly 80% of global industrial gold demand
• India’s semiconductor market is projected to reach US$750 billion by 2047

Gold could therefore become increasingly important across sectors including:

• Electronics
• Semiconductors
• Biotechnology
• Diagnostics
• Aerospace
• Artificial Intelligence
• Quantum technologies

Institutional Reforms Proposed

To ensure effective implementation, the report recommends establishing:

National Gold Board

In line with the NITI Aayog–Watal Committee (2018) recommendations, the proposed Board would:

• Coordinate stakeholders
• Align government policies
• Rationalise regulations
• Strengthen market infrastructure
• Monitor implementation

Gold Innovation Centre

The proposed Centre would support:

• Research and development
• Technology adoption
• Digitalisation
• Sustainability initiatives
• Capability building
• Market development across the gold value chain

Multi-Stakeholder Task Force

The report also recommends creating a dedicated task force to oversee implementation of the roadmap.

FAQs

1. What is Swarnim Udaan 2047?

Swarnim Udaan 2047 is a long-term vision document released by the World Gold Council to strengthen India’s gold industry and position gold as a strategic contributor to Viksit Bharat by 2047.

2. What are the main objectives of the report?

The roadmap aims to increase domestic gold mining, mobilise household gold, make India the world’s leading jewellery exporter, establish a National Gold Board, and create a Gold Innovation Centre.

3. How much household gold does India currently hold?

According to the report, Indian households own approximately 31,000 tonnes of gold, valued at around Rs 314.9 lakh crore (US$3.4 trillion).

4. Why does the report propose a National Gold Board?

The proposed National Gold Board would coordinate stakeholders, align policy, improve regulations, strengthen market infrastructure, and oversee implementation of India’s long-term gold strategy.

5. How can Swarnim Udaan 2047 benefit India’s economy?

The report believes that a stronger gold ecosystem can improve financial resilience, reduce import dependence, increase exports, promote advanced manufacturing, encourage innovation, and support India’s goal of becoming a developed economy by 2047.

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The conclave will be held under the theme “Convergence of Physical and Financial Markets”, with discussions centred on strengthening India’s commodity ecosystem and advancing the country’s ambition of becoming a global price setter. Participants will include representatives from global exchanges, market infrastructure institutions, corporates, MSMEs, financial institutions, traders and retail investors.

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According to the organisers, the event will examine how stronger domestic commodity derivatives markets can improve price discovery, enhance supply chain efficiency and help businesses manage commodity price risks more effectively.

Focus on ‘Price in India, Hedge in India’

One of the key themes of the conclave will be “Price in India, Hedge in India,” highlighting the need for robust domestic derivative markets across agriculture, metals and energy. The sessions will also discuss opportunities for manufacturing MSMEs, particularly those engaged in secondary aluminium, copper scrap and zinc.

The event will explore how India’s expanding physical commodity market, supported by regulatory reforms, is positioning the country as a more influential player in global commodity trade.

Commodities emerging as an investment asset

The conclave will also examine the growing role of commodities as an investment asset class. Discussions are expected to focus on how commodity derivatives can help investors diversify portfolios, manage inflation risks and navigate market volatility.

With improvements in market infrastructure, technology and regulatory oversight, commodity markets have become more transparent and accessible. Rising participation from institutional investors, along with growing retail interest, is expected to further strengthen the commodity investment ecosystem.

“India’s commodity markets are witnessing a powerful convergence of expanding retail participation and a deeper institutional conviction. This momentum is reshaping the markets into more inclusive engines of wealth creation.”

— Ajay Garg, Alternate President, Commodity & Capital Market Participants Association of India (CPAI)

Institutional participation expected to deepen markets

The conclave will also discuss the next phase of growth for India’s commodity derivatives market. While retail participation has expanded significantly over the past few years, industry experts believe institutional investors, including mutual funds, wealth managers and Alternative Investment Funds (AIFs), are expected to play a much larger role in improving liquidity, price discovery and overall market depth.

Industry leaders believe this combination of retail and institutional participation could strengthen India’s position among global commodity markets.

“India is evolving from a major gold consumer market into an investment market. Now MCX is positioned to serve as the premier gateway for bullion financialisation.”

— Surendra Mehta, National Secretary, India Bullion and Jewellers Association (IBJA)

Hedging to remain a key discussion

Managing commodity price volatility will be another major focus area during the conclave. Sessions will examine how producers, manufacturers, exporters, importers and consumers can use commodity derivatives to hedge against fluctuations caused by geopolitical tensions, supply chain disruptions, climate events and changing demand patterns.

The organisers said increasing awareness of structured hedging practices will help businesses improve planning, protect margins and strengthen operational resilience.

“Price volatility is a given constant. MSMEs have to adopt and evolve to address price risk. Price benchmarking and hedging are a must have tools not only to sustain growth but also to be profitable. Global Commodity Conclave brings perfect combination of panels and speakers who would offer guidance on the same.”

— Sushil Kothari, President, Bharat Metal Exchange (BME)

Electricity derivatives and power markets

India’s evolving power sector will also feature prominently during the conclave. Discussions will focus on the role of electricity derivatives in improving price discovery and managing risks as renewable energy capacity continues to grow and demand patterns become more volatile.

“The Global Commodities Conclave will be a premier platform to exchange insights, foster collaboration and shape the future of the commodity ecosystem. MCX deserves real credit for its pioneering role in building this market — through sustained capacity building, deep stakeholder engagement, and growing awareness across the energy sector, including power value chain. The rising liquidity and open interest in its contracts are laying the groundwork for a deeper, more transparent, and truly efficient electricity market ecosystem in India. We look forward to continuing this journey with MCX — driving capacity building and creating awareness among our members and stakeholders across the power sector.”

— Karan Dhaul, Director, Independent Power Producers Association of India (IPPAI)

The final day of the conclave will include a dedicated session for retail participants, covering topics such as algorithmic trading, commodity options strategies and trend-following approaches in commodity markets.

MCX sees conclave as platform for wider awareness

MCX Managing Director & CEO Praveena Rai said the conclave would help create greater awareness about the role of commodity markets in the economy while encouraging wider adoption of commodities for hedging and investment.

“The flagship event, Global Commodity Conclave 2026, will serve as a platform to create greater awareness about the vital role of commodity markets in the economy. Our focus is to encourage wider adoption of commodities for hedging price risk and to promote commodity as a prudent investment avenue, thereby strengthening India’s commodity market ecosystem. The conclave will also provide a unique opportunity for stakeholders from different sectors of the economy to come together and discuss the future of commodity and financial markets on such a large scale for the first time. Such collaborative efforts will contribute to building a stronger economy and support the vision of a Viksit Bharat.”

— Praveena Rai, MD & CEO, Multi Commodity Exchange of India Limited (MCX)

The Global Commodity Conclave 2026 is expected to serve as a key platform for policymakers, market participants and investors to discuss strategies for strengthening India’s commodity markets and enhancing the country’s role in global price discovery.

FAQs

1. What is the Global Commodity Conclave 2026?

The Global Commodity Conclave 2026 is a three-day industry event that will be held from August 12–14, 2026, at the Jio World Convention Centre in Mumbai. It aims to strengthen India’s commodity markets and enhance its global role in price discovery.

2. What is the main theme of the conclave?

The conclave is built around the theme “Convergence of Physical and Financial Markets.” It will explore how stronger commodity derivatives markets can improve price discovery, risk management, investment opportunities, and supply chain resilience.

3. Who will participate in the Global Commodity Conclave 2026?

The event will bring together policymakers, regulators, commodity exchanges, institutional investors, financial institutions, corporates, SMEs, market infrastructure providers, industry associations, and retail traders from India and abroad.

4. Which major topics will be discussed during the event?

Key discussions will cover commodity derivatives, institutional investment, hedging strategies, bullion financialisation, electricity derivatives, MSME risk management, retail trading, price discovery, and India’s ambition to become a global commodity price setter.

5. Why is the Global Commodity Conclave 2026 important for India’s commodity markets?

The conclave aims to encourage wider adoption of commodity markets for investment and risk management while promoting collaboration among stakeholders. It supports India’s long-term goal of building deeper, more transparent, and globally competitive commodity markets.

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The new tariff framework follows investigations by the Office of the United States Trade Representative (USTR) into how countries enforce bans on products linked to forced labour.

India Retains Lower Tariff Band

Although Indian exporters will continue paying the additional 10% tariff, India has been placed in the lower tariff category after introducing measures prohibiting imports made with forced labour.

This gives Indian jewellery exporters a 2.5 percentage-point tariff advantage over competing manufacturing and trading centres including China, Hong Kong, Thailand, Türkiye, the UAE, Israel, and Vietnam, which are now subject to an additional 12.5% tariff.

GJEPC Rejects Forced Labour Allegations

Shri Kirit Bhansali, Chairman, GJEPC, said, “At the outset, we categorically reject any implication that India’s gem and jewellery sector is linked to forced labour. Repeated studies have been commissioned that demonstrates the industry’s long-standing commitment to responsible sourcing, worker welfare, and ethical business practices. We also welcome the Government of India’s recent amendment to the Foreign Trade Policy that bars the import of goods produced, wholly or partly, with forced labour—an important step that reinforces India’s commitment to human rights and aligns our trade rules with internationally accepted labour standards.

“So imposing of 10% U.S. tariff under the new Section 301 regime, which is not at all justified, remains a challenge for India’s gem and jewellery exports, particularly as key competing trading centres in diamond  continue to enjoy duty-free access for natural diamonds. While India’s placement in the lower tariff band offers some relative competitiveness in terms of jewellery, bridging the remaining tariff gap through an early India–U.S. Bilateral Trade Agreement and securing tariff relief for natural diamonds and coloured gemstones as provided to countries like EU, Malaysia  remain our key priorities.”

Tariff Still Creates Export Challenges

Despite India’s relatively better tariff position, GJEPC said the new US policy continues to put pressure on exporters.

Jewellery shipments from India will still attract the existing Most Favoured Nation (MFN) duty of 5.5%–6%, along with the 10% Section 301 tariff, resulting in an effective import duty of around 15.5%–16%.

The Council also pointed out that:

• Natural diamonds processed in India continue to face the additional 10% tariff.
• Lab-grown diamonds and synthetic stones are also covered under the new tariff.
• Rough diamonds substantially transformed in India are treated as Indian-origin products and therefore remain subject to the Section 301 duty.

European Diamond Hub Retains Advantage

GJEPC highlighted that Belgium, a major global diamond trading centre within the European Union, continues to enjoy zero additional US tariff on natural diamonds.

This creates a pricing disadvantage for Indian exporters whose comparable products continue to attract the 10% additional duty.

GJEPC Calls for Early India-US Trade Agreement

GJEPC has reiterated that natural diamonds and coloured gemstones are critical raw materials for the jewellery manufacturing industry and should be considered for exemption from the additional tariff under Annex III.

The Council is actively engaging with the Government of India to pursue an early India–U.S. Bilateral Trade Agreement (BTA) to bridge the tariff gap and enhance the competitiveness of India’s gem and jewellery exports in the U.S. market.

About The Gem and Jewellery Export Promotion Council (GJEPC)

The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 10900+ members in the sector.  With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.

FAQs

1. Why has the US imposed a 10% tariff on Indian gem and jewellery exports?

The tariff is part of the new Section 301 trade framework introduced after USTR investigations into forced labour import regulations across multiple countries.

2. Does India have any advantage under the new US tariff regime?

Yes. India falls under the 10% tariff band, while several competing countries, including China, Hong Kong, Thailand, Vietnam, and the UAE, face a higher 12.5% additional tariff.

3. What concerns has GJEPC raised about the new tariff policy?

GJEPC believes the continued 10% tariff increases export costs, reduces India’s competitiveness, and places Indian exporters at a disadvantage compared with countries enjoying duty-free access.

4. Which products remain affected by the additional US tariff?

Natural diamonds processed in India, coloured gemstones, lab-grown diamonds, synthetic stones, and jewellery exports continue to be covered under the additional Section 301 tariff.

5. What solution has GJEPC proposed?

GJEPC is urging the Indian government to finalize an India-US Bilateral Trade Agreement and seek tariff exemptions for natural diamonds and coloured gemstones to strengthen India’s export competitiveness.

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January to March: A Relatively Stable Buying Window

The first quarter of the year generally experiences lower demand after the busy wedding season. With fewer major festivals and celebrations, gold prices often remain comparatively stable.

For buyers planning to invest in jewellery such as rings, bangles or necklaces, this period can offer a balanced market with fewer price fluctuations and better opportunities for value purchases.

April to June: Festival Demand Supports Prices

Gold demand typically rises during this period, mainly because of festivals such as Akshaya Tritiya, which is widely regarded as an auspicious occasion for purchasing precious metals.

Higher consumer demand can lead to firmer gold prices. Buyers are advised to monitor market movements carefully and compare prices before making purchases during these months.

July to September: A Favorable Time for Buyers

Many market observers consider the July-to-September period one of the most attractive times to buy gold in India.

Seasonal demand generally remains moderate, allowing prices to stay relatively stable. Retailers may also introduce promotional offers, making it an appealing window for those planning to invest in gold jewellery or bullion before the festive season begins.

October to December: Peak Festive and Wedding Season

The final quarter of the year marks India’s busiest period for gold purchases.

Major festivals such as Dhanteras and Diwali, along with the wedding season, significantly increase demand for gold jewellery. As a result, prices often remain elevated compared to other months. Consumers planning festive purchases may benefit from making arrangements well in advance.

No Single Perfect Day to Buy Gold

Although many buyers search for the “best day” to purchase gold, there is no fixed date that consistently guarantees the lowest prices.

Gold prices are influenced by several factors, including:

• Global economic conditions
• International gold prices
• Currency movements
• Inflation trends
• Central bank policies
• Domestic seasonal demand

Rather than relying on a specific day, experts recommend monitoring market trends and purchasing when prices align with personal investment goals and budgets.

Planning Can Help Maximize Value

Whether buying gold for investment purposes or personal use, careful planning can help buyers avoid paying seasonal premiums. Tracking price trends throughout the year and understanding demand cycles allows consumers to make more confident purchasing decisions.

Conclusion

There is no universal “best time” to buy gold, but seasonal demand patterns can provide useful guidance. While the festive season remains the most popular period for purchases, buyers looking for better pricing opportunities may find greater value during months of relatively lower demand. Ultimately, informed planning is often more important than trying to predict short-term price movements.

FAQ’s

1. Which months are generally considered the best time to buy gold in India?

January to March and July to September are often viewed as favorable periods because demand is relatively lower, helping keep prices more stable compared to the festive season.

2. Why do gold prices usually rise during festivals?

Festivals such as Akshaya Tritiya, Dhanteras and Diwali, along with the wedding season, increase consumer demand for gold, which can contribute to higher market prices.

3. Is there a fixed day when gold is always cheapest?

No. Gold prices fluctuate daily based on international markets, currency movements, inflation, interest rates and domestic demand, so there is no guaranteed cheapest day to buy.

4. What factors should buyers monitor before purchasing gold?

Buyers should track international gold prices, exchange rates, inflation, central bank policies, seasonal demand and local jewellery prices before making a purchase.

5. Is buying gold during the festive season a bad idea?

Not necessarily. While prices may be higher due to increased demand, many buyers purchase during festivals for cultural and traditional reasons. Planning ahead and monitoring prices can help secure better value.

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The company’s Profit After Tax (PAT) rose to 64.45 crore Rupees, compared with 36.42 crore Rupees in the corresponding quarter of the previous financial year. The company also reported strong growth in total income and EBITDA during the quarter.

D.P. Abhushan Q1 FY27 Financial Highlights

Managing Director’s Statement

Commenting on the quarterly performance, Mr. Santosh Kataria, Managing Director, said:

“Despite volatility in gold and silver prices and temporary consumer hesitation following recent policy announcements, demand—particularly for wedding jewellery—remained resilient and business momentum gradually normalised. Our initiatives, including ‘DP Swarn Plus’ and the strong response to our gold exchange programme, enabled us to sustain growth while encouraging customers to unlock the value of their existing jewellery.

“Supported by disciplined inventory management, operational efficiency and a strong understanding of customer preferences, we were able to proactively mitigate margin pressures. We remain confident in our long-term growth trajectory, underpinned by the deep trust and loyalty our brand continues to enjoy across its target markets,” Mr Kataria added.

Q1 FY27 Key Business Updates

• The company finalized locations for upcoming showrooms in Jabalpur (Madhya Pradesh) and Dahod (Gujarat). Store development activities are underway, and operations are expected to commence shortly.
• The Jabalpur showroom, with an approximate retail area of 3,750 square feet, will be the company’s first FOCO (Franchise Owned, Company Operated) store. It will serve as a pilot project for this expansion model under the D.P. Jewellers brand.
• The Dahod showroom, spanning approximately 3,200 square feet of retail area, will be the company’s first showroom in Gujarat. The showroom will be owned and operated by the company and is expected to establish its retail presence in the state, enhance customer accessibility, and strengthen brand recognition among customers in Gujarat. It will offer the company’s complete range of jewellery products while maintaining its established quality standards and customer service practices.
• The company continues to follow a disciplined approach towards gold procurement and inventory management, leveraging Gold Metal Loans (GMLs) and hedging mechanisms to mitigate gold price volatility while supporting margin stability and working capital efficiency.

About D.P. Abhushan Limited

D.P. Abhushan Limited has been associated with trust and quality in the jewellery industry since 1940 under the “D.P. Jewellers” brand. Listed in 2017, the company carries forward an 86-year legacy in Central India and is currently managed by the fourth generation of the founding family.

Founded by Late Shri Pannalalji Kataria and his sons, the company has expanded its retail presence through branches in Ratlam, Indore, Udaipur, Bhopal, Ujjain, Bhilwara, Kota, and Banswara.

The company offers an extensive portfolio of gold, silver, diamond, and platinum jewellery, including collections for Wedding, Valentine, Traditional, Flower, Mewar, Dohra, Lightweight, and Trendy Jewellery, along with chains, armlets, rings, pendants, and necklaces.

FAQs

1. What were D.P. Abhushan’s Q1 FY27 financial results?

For the quarter ended June 30, 2026, D.P. Abhushan reported total income of 853.63 crore Rupees, EBITDA of 93.99 crore Rupees, and Profit After Tax (PAT) of 64.45 crore Rupees, reflecting strong year-on-year growth across all key financial metrics.

2. How much did D.P. Abhushan’s net profit grow in Q1 FY27?

The company’s PAT increased by 77% year-on-year, rising from 36.42 crore Rupees in Q1 FY26 to 64.45 crore Rupees in Q1 FY27, while the PAT margin improved from 6.7% to 7.6%.

3. What expansion plans did D.P. Abhushan announce during Q1 FY27?

The company finalized locations for new showrooms in Jabalpur, Madhya Pradesh, and Dahod, Gujarat. The Jabalpur outlet will be its first FOCO (Franchise Owned, Company Operated) store, while the Dahod showroom will mark the company’s entry into the Gujarat retail market.

4. What did Managing Director Santosh Kataria say about the company’s performance?

Mr. Santosh Kataria stated that despite volatility in gold and silver prices and temporary consumer hesitation following recent policy announcements, demand—particularly for wedding jewellery—remained resilient. He also highlighted the contribution of DP Swarn Plus, the gold exchange programme, disciplined inventory management, operational efficiency, and customer trust in supporting the company’s growth.

5. How does D.P. Abhushan manage gold price volatility?

According to the company, it follows a disciplined approach to gold procurement and inventory management, while leveraging Gold Metal Loans (GMLs) and hedging mechanisms to mitigate gold price volatility, support margin stability, and improve working capital efficiency.

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AIJGF के राष्ट्रीय अध्यक्ष एवं लोक जनशक्ति पार्टी (रामविलास) के राष्ट्रीय महासचिव श्री पंकज अरोरा के नेतृत्व में हुई इस बैठक में प्रतिनिधिमंडल ने कहा कि भारत का ज्वेलरी उद्योग देश के सबसे बड़े MSME क्षेत्रों में शामिल है, जिससे लगभग 3.5 करोड़ लोग प्रत्यक्ष एवं अप्रत्यक्ष रूप से जुड़े हुए हैं। फेडरेशन के अनुसार यह उद्योग केवल व्यापार तक सीमित नहीं है, बल्कि रोजगार, वित्तीय समावेशन, विदेशी मुद्रा बचत, निर्यात, उपभोक्ता संरक्षण और विकसित भारत के लक्ष्य से भी सीधे जुड़ा हुआ है।

1. BNS धारा 317 (पूर्व IPC 411) हेतु Uniform Investigation Framework

AIJGF ने भारतीय न्याय संहिता, 2023 की धारा 317 (पूर्व IPC 411) के अंतर्गत पूरे देश में Uniform Investigation Framework लागू करने की मांग रखी। फेडरेशन का कहना है कि इससे ईमानदार एवं कर-अनुपालक ज्वेलर्स को अनावश्यक उत्पीड़न से बचाया जा सकेगा, जबकि अपराधियों के विरुद्ध कठोर एवं प्रभावी कार्रवाई सुनिश्चित होगी।

प्रतिनिधिमंडल ने गृह मंत्रालय से National Model SOP, सभी राज्यों के लिए समान जांच प्रोटोकॉल, दस्तावेज़ आधारित जांच व्यवस्था, GST, KYC, Purchase Register एवं CCTV रिकॉर्ड को प्राथमिक साक्ष्य के रूप में स्वीकार करने, Audio-Video Search Documentation, Digital Seizure Inventory, Inter-State Investigation Protocol तथा पुलिस अधिकारियों के लिए Jewellery Trade Training प्रारंभ करने का सुझाव दिया।

AIJGF का स्पष्ट संदेश रहा—

• स्ट्रॉन्ग इन्वेस्टिगेशन
• स्ट्रॉन्ग एविडेंस
• स्ट्रॉन्ग कन्विक्शन
• स्ट्रॉन्ग प्रोटेक्शन फॉर ऑनेस्ट ज्वेलर्स

2. राष्ट्रीय साहूकारी (Licensed Lending) Framework का प्रस्ताव

AIJGF ने बताया कि वर्तमान में विभिन्न राज्यों में अलग-अलग साहूकारी कानून लागू होने के कारण व्यापारियों और ग्राहकों को व्यावहारिक कठिनाइयों का सामना करना पड़ता है।

फेडरेशन ने केंद्र सरकार से राज्यों के साथ मिलकर National Model Lending Framework तैयार करने, समान न्यूनतम मानक विकसित करने, पात्र MSMEs, LLP एवं Private Limited कंपनियों को राज्य कानूनों के अनुरूप लाइसेंस का अवसर देने, डिजिटल रिकॉर्ड एवं पारदर्शी अनुपालन प्रणाली विकसित करने तथा प्रभावी शिकायत निवारण तंत्र स्थापित करने का प्रस्ताव रखा।

इसके साथ ही AIJGF ने इस विषय पर एक उच्चस्तरीय अंतर-मंत्रालयी समिति गठित कर राष्ट्रीय स्तर पर विचार-विमर्श प्रारंभ करने का अनुरोध भी किया।

फेडरेशन का मानना है कि इससे ग्रामीण वित्तीय समावेशन को बढ़ावा मिलेगा, अवैध साहूकारी पर नियंत्रण होगा, पारदर्शिता बढ़ेगी, MSMEs को मजबूती मिलेगी तथा राज्यों के राजस्व में वृद्धि होगी।

3. Gold Monetisation Scheme के पुनर्गठन और National Bullion Bank Framework

AIJGF ने कहा कि वर्ष 2015 से लागू Gold Monetisation Scheme अपेक्षित परिणाम नहीं दे सकी है तथा वर्तमान व्यवस्था में संरचनात्मक सुधार की आवश्यकता है क्योंकि घरेलू निष्क्रिय स्वर्ण अभी भी अर्थव्यवस्था का हिस्सा नहीं बन पाया है।

प्रतिनिधिमंडल ने National Bullion Bank Framework का विस्तृत प्रस्ताव प्रस्तुत किया। इसके अंतर्गत GIFT-IFSC / IIBX आधारित Bullion Bank की स्थापना, Gold Deposit, Gold Metal Loan, Gold ETFs आधारित Regulated Gold Lending, Medium एवं Long Term Gold Deposit Schemes का पुनः प्रारंभ, Tax एवं GST Neutrality तथा National Digital Dashboard विकसित करने का सुझाव दिया गया।

AIJGF ने कहा कि देश में स्वर्ण खरीद कम करना स्थायी समाधान नहीं है, बल्कि घरों, मंदिरों, ट्रस्टों और संस्थानों में उपलब्ध निष्क्रिय स्वर्ण को औपचारिक अर्थव्यवस्था में लाना वास्तविक समाधान है।

फेडरेशन का मानना है कि इससे विदेशी मुद्रा की बचत होगी, आयात निर्भरता कम होगी, रोजगार सुरक्षित रहेगा, ज्वेलर्स को पारदर्शी Gold Metal Loan उपलब्ध होगा तथा भारत Global Bullion Hub बनने की दिशा में आगे बढ़ सकेगा।

4. National Gold Price Authority (NGPA) बनाने का प्रस्ताव

AIJGF ने केंद्रीय मंत्री के समक्ष National Gold Price Authority (NGPA) के गठन का प्रस्ताव भी रखा।

फेडरेशन ने कहा कि वर्तमान समय में देश में स्वर्ण एवं रजत के लिए कोई आधिकारिक राष्ट्रीय संदर्भ मूल्य उपलब्ध नहीं है। विभिन्न शहरों एवं बुलियन एसोसिएशनों द्वारा अलग-अलग दरें घोषित किए जाने से उपभोक्ताओं में भ्रम की स्थिति उत्पन्न होती है तथा ईमानदार MSME ज्वेलर्स को अनुचित प्रतिस्पर्धा का सामना करना पड़ता है।

AIJGF ने सुझाव दिया कि भारत सरकार एक स्वतंत्र National Gold Price Authority का गठन करे, जो प्रतिदिन वैज्ञानिक एवं पारदर्शी प्रणाली के आधार पर Official National Gold & Silver Reference Price घोषित करे। यह केवल राष्ट्रीय Benchmark होगा, जबकि प्रत्येक ज्वेलर अपने व्यवसाय एवं लागत के अनुसार बिक्री मूल्य निर्धारित करने के लिए पूर्णतः स्वतंत्र रहेगा।

फेडरेशन के अनुसार इससे पूरे देश में मूल्य निर्धारण अधिक पारदर्शी होगा, उपभोक्ताओं का विश्वास बढ़ेगा, MSME ज्वेलर्स को निष्पक्ष प्रतिस्पर्धा मिलेगी, सरकार को डेटा आधारित नीति निर्माण में सहायता मिलेगी तथा भारतीय स्वर्ण बाजार वैश्विक स्तर पर अधिक संगठित एवं विश्वसनीय बन सकेगा।

श्री पंकज अरोरा का बयान

AIJGF के राष्ट्रीय अध्यक्ष एवं लोक जनशक्ति पार्टी (रामविलास) के राष्ट्रीय महासचिव श्री पंकज अरोरा ने कहा,

“भारत का ज्वेलरी उद्योग केवल व्यापार नहीं बल्कि करोड़ों परिवारों की आजीविका, देश के MSME सेक्टर, निर्यात, विदेशी मुद्रा बचत एवं भारतीय अर्थव्यवस्था की महत्वपूर्ण शक्ति है। AIJGF सरकार के साथ मिलकर ऐसे व्यावहारिक एवं दूरदर्शी नीति सुधार चाहता है जो उद्योग को सुरक्षित, पारदर्शी, आधुनिक, तकनीक आधारित एवं वैश्विक स्तर पर प्रतिस्पर्धी बना सकें।”

केंद्रीय मंत्री चिराग पासवान का आश्वासन

माननीय केंद्रीय मंत्री श्री चिराग पासवान ने प्रतिनिधिमंडल द्वारा प्रस्तुत सभी विषयों को गंभीरता से सुना और कहा कि उद्योग से जुड़े इन महत्वपूर्ण सुझावों का संबंधित मंत्रालयों एवं विभागों के साथ समन्वय स्थापित कर सकारात्मक समाधान की दिशा में आवश्यक प्रयास किए जाएंगे।

प्रतिनिधिमंडल में शामिल प्रमुख सदस्य

• श्री अशोक कुमार वर्मा — राष्ट्रीय अध्यक्ष (व्यावसायिक प्रकोष्ठ), लोक जनशक्ति पार्टी (रामविलास)
• श्री सागर केसरवानी — राष्ट्रीय मीडिया सचिव, AIJGF
• श्री अजय भंडारी — अंतरराष्ट्रीय एवं MSMEs अध्यक्ष, AIJGF
• श्री अजय अग्रवाल
• श्री सुरेंद्र जैन

AIJGF ने विश्वास व्यक्त किया कि Uniform Investigation Framework, National Licensed Lending Framework, National Bullion Bank Framework तथा National Gold Price Authority (NGPA) से जुड़े ये चार व्यापक नीति प्रस्ताव भारतीय ज्वेलरी उद्योग में ऐतिहासिक सुधारों की दिशा में मील का पत्थर सिद्ध होंगे।

फेडरेशन ने भारत सरकार के साथ इन सभी विषयों पर विस्तृत तकनीकी सहयोग, नीति निर्माण एवं हितधारकों के साथ समन्वय स्थापित करने की अपनी पूर्ण प्रतिबद्धता दोहराई और विश्वास व्यक्त किया कि इन सुधारों से भारत का ज्वेलरी उद्योग अधिक पारदर्शी, सुरक्षित, संगठित एवं वैश्विक स्तर पर प्रतिस्पर्धी बनकर “विकसित भारत” के लक्ष्य में महत्वपूर्ण योगदान देगा।

अक्सर पूछे जाने वाले सवाल, FAQs

1. AIJGF ने केंद्रीय मंत्री चिराग पासवान को कौन-कौन से प्रमुख प्रस्ताव सौंपे?

AIJGF ने Uniform Investigation Framework, National Licensed Lending Framework, National Bullion Bank Framework और National Gold Price Authority (NGPA) से जुड़े चार विस्तृत नीति प्रस्ताव सौंपे।

2. BNS धारा 317 के तहत AIJGF की प्रमुख मांग क्या है?

फेडरेशन ने पूरे देश में Uniform Investigation Framework लागू करने, National Model SOP, समान जांच प्रोटोकॉल और दस्तावेज़ आधारित जांच व्यवस्था लागू करने की मांग की है।

3. National Bullion Bank Framework में क्या सुझाव दिए गए हैं?

इसमें GIFT-IFSC/IIBX आधारित Bullion Bank, Gold Deposit, Gold Metal Loan, Gold ETFs आधारित Regulated Gold Lending, Medium एवं Long Term Gold Deposit Schemes, Tax एवं GST Neutrality तथा National Digital Dashboard का प्रस्ताव शामिल है।

4. National Gold Price Authority (NGPA) का उद्देश्य क्या है?

NGPA का उद्देश्य वैज्ञानिक और पारदर्शी प्रणाली के आधार पर प्रतिदिन Official National Gold & Silver Reference Price घोषित करना है, जो राष्ट्रीय Benchmark के रूप में कार्य करेगा।

5. केंद्रीय मंत्री चिराग पासवान ने AIJGF को क्या आश्वासन दिया?

केंद्रीय मंत्री ने प्रतिनिधिमंडल के सभी सुझावों को गंभीरता से सुनने के बाद संबंधित मंत्रालयों एवं विभागों के साथ समन्वय स्थापित कर सकारात्मक समाधान की दिशा में आवश्यक प्रयास करने का आश्वासन दिया।

1.यूट्यूब चैनल – Gold Price Today News (192K सब्सक्राइबर्स)

2.फेसबुक पेज – Gold Silver Price Today (118K फॉलोअर्स)

3. इंस्टाग्राम – Gold Price Today News (50K फॉलोअर्स)

4.X (ट्विटर) – @today_gold

5.टेलीग्रामग्रुप – Gold Silver Price

Check the latest rates for gold and silver—including MCX, international market, and bullion prices, as well as rates in your city—on our new website: https://goldpricetodaynews.com/

The Mumbai ceremony formed part of a nationwide initiative conducted simultaneously across Delhi, Surat, Jaipur, Chennai and Kolkata, celebrating India’s first jewellery exports to the UK under the landmark trade agreement.

Mumbai Hosts Flag-Off Ceremonies at Two Major Export Hubs

The flag-off ceremonies in Mumbai were held at two prominent export centres—PCCC Customs at Bharat Diamond Bourse (BDB) and SEEPZ-SEZ, highlighting Mumbai’s central role in India’s gem and jewellery export sector.

PCCC Customs – Bharat Diamond Bourse (BDB)

The ceremony at PCCC Customs was attended by:

• Mr. Santosh Kumar, Commissioner of Customs, Mumbai
• Mr. Vishwajeet Chimankar, Deputy Director General of Foreign Trade (DGFT)
• Shri Shaunak Parikh, Vice Chairman, GJEPC

The participating exporters included:

• Malabar Gold & Diamonds Pvt. Ltd.
• Shree Ramkrishna Exports
• Venkatesh Jewellers

SEEPZ-SEZ

The flag-off ceremony at SEEPZ-SEZ was held in the presence of:

• Shri Dnyaneshwar Patil, Development Commissioner, SEEPZ
• Shri Mayur R. Mankar, Joint Development Commissioner, SEEPZ-SEZ
• Shri Bharat Ghori, Co-Convener, MSME, GJEPC
• Shri Vijay Gujarati, Vice President, SEEMA
• Mr. Adil Kotwal, President, SGJMA

Exporters participating from SEEPZ included:

• Fine Jewellery
• Kama Jewellery Pvt. Ltd.
• Suashish Diamonds Ltd.
• S. Vinodkumar Diamonds Pvt. Ltd.
• IDI Jewels (India) Manufacturing Pvt. Ltd.
• Goldstar Jewellery Pvt. Ltd. Unit III
• Supergems Jewellery Mfg. Co. Pvt. Ltd.
• Zenstar Jewellery LLP
• Steckbeck Jewelry

India–UK CETA Brings Zero-Duty Access to the UK Market

The India–UK Comprehensive Economic and Trade Agreement introduces zero-duty access for India’s gem and jewellery exports to the UK from the date the agreement comes into force. It removes UK import tariffs of up to 4%, giving Indian exporters a stronger competitive position in the UK’s US Dollar 4 billion jewellery import market.

The agreement is expected to support higher exports, increased investment and additional employment opportunities across the industry.

Customs Department Highlights Trade Facilitation

Mr. Santosh Kumar, Commissioner of Customs, Mumbai, said the implementation of the India–UK CETA creates new opportunities for Indian exporters by improving their competitiveness in the UK market.

He stated that Customs remains committed to supporting exporters through faster clearances, reduced dwell time and seamless trade facilitation, enabling businesses to fully benefit from the agreement.

SEEPZ Development Commissioner on Export Growth

Shri Dnyaneshwar Patil, Development Commissioner, SEEPZ, described the implementation of the India–UK Free Trade Agreement as a significant moment for the gem and jewellery industry.

He said the removal of the 4% UK import duty on Indian gems and jewellery will make exports more competitive, strengthening India’s position in the UK market. He noted that exports to the UK currently stand at around ₹3,000 crore and are expected to increase to nearly ₹6,000 crore over time. According to him, the agreement will boost production, generate new opportunities for exporters and increase demand for Indian gems and jewellery.

GJEPC Chairman on the Landmark Agreement

Shri Kirit Bhansali, Chairman, GJEPC, said the first export consignment to the United Kingdom under the India–UK Comprehensive Economic and Trade Agreement marks a defining moment for India’s gem and jewellery industry.

He thanked Hon’ble Prime Minister Shri Narendra Modi and the Government of India for their leadership in concluding the agreement and supporting the industry.

He stated that the elimination of UK import tariffs of up to 4% provides Indian exporters with a significant competitive advantage in the UK’s US Dollar 4 billion jewellery import market. With zero-duty access, he said India’s gem and jewellery exports to the UK are expected to increase from around US Dollar 754 million to nearly US Dollar 2.5 billion over the next three years, creating new opportunities for exporters, manufacturers, MSMEs, artisans and designers while strengthening India’s position in craftsmanship, innovation and value-added jewellery manufacturing.

GJEPC Vice Chairman Highlights Mumbai’s Role

Shri Shaunak Parikh, Vice Chairman, GJEPC, said Mumbai has long served as the gateway for India’s gem and jewellery exports.

He noted that the presence of Bharat Diamond Bourse, SEEPZ, and many of India’s leading exporters has created a globally recognised ecosystem for diamond trading, jewellery manufacturing and exports.

According to him, the India–UK CETA provides zero-duty access to one of the world’s leading jewellery markets, giving Indian exporters a competitive advantage while supporting export growth, investment, employment and India’s position as a preferred sourcing destination for high-quality jewellery.

Benefits for Maharashtra’s Gem and Jewellery Sector

The India–UK CETA is expected to provide several benefits to Maharashtra’s gem and jewellery industry, including:

• Improved market access
• Promotion of value-added manufacturing
• Employment generation
• Skill development
• Stronger participation of MSMEs, artisans and exporters

Mumbai’s established ecosystem for diamond trading, jewellery manufacturing, exports and logistics is expected to play an important role in driving India’s export growth under the agreement.

Mumbai Leads India’s Next Phase of Jewellery Exports

The dispatch of the first export consignment reflects Mumbai’s leadership in India’s gem and jewellery sector and demonstrates the industry’s confidence in the opportunities created through the India–UK CETA.

With Indian jewellery entering the UK market for the first time under zero-duty access, Mumbai’s exporters and manufacturers are well positioned to contribute to the next phase of India’s export growth while strengthening the country’s presence in premium international jewellery markets.

About Gem & Jewellery Export Promotion Council (GJEPC)

The Gem & Jewellery Export Promotion Council (GJEPC) was established by the Ministry of Commerce, Government of India, in 1966 as one of the country’s Export Promotion Councils (EPCs) to promote India’s gem and jewellery exports in international markets.

Since 1998, GJEPC has operated with autonomous status and today represents more than 11,000 members from the gem and jewellery industry.

Headquartered in Mumbai, the Council has regional offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, enabling close interaction with industry members across major jewellery manufacturing and trading centres.

Over the years, GJEPC has emerged as one of India’s most active Export Promotion Councils by expanding its promotional initiatives and strengthening the range of services offered to its members.

FAQs

1. What milestone did Mumbai achieve under the India–UK CETA?

Mumbai flagged off the first jewellery export consignment to the United Kingdom under the India–UK Comprehensive Economic and Trade Agreement, marking the beginning of zero-duty jewellery exports to the UK.

2. What benefits does the India–UK CETA provide to jewellery exporters?

The agreement removes UK import tariffs of up to 4% and provides zero-duty access to the UK market, giving Indian jewellery exporters greater competitiveness.

3. Where were the Mumbai flag-off ceremonies held?

The ceremonies took place at PCCC Customs, Bharat Diamond Bourse (BDB), and SEEPZ-SEZ, two of Mumbai’s major gem and jewellery export hubs.

4. How much are India’s jewellery exports to the UK expected to grow?

According to GJEPC Chairman Shri Kirit Bhansali, exports are expected to increase from around US Dollar 754 million to nearly US Dollar 2.5 billion over the next three years.

5. How will the India–UK CETA benefit Maharashtra’s gem and jewellery industry?

The agreement is expected to improve market access, encourage value-added manufacturing, generate employment, support skill development, strengthen MSME participation and reinforce Mumbai’s role as a leading global jewellery export hub.

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An IAGES verified business follows a stringent code of conduct that mandates accountability, responsibility and ethical conduct across its entire value chain. IAGES’ Accredited Partner Directory offers consumers trust, confidence and peace of mind, allowing them to explore and choose these verified, third-party assessed gold jewellers nearest to them either by brand name, location, or category.

Platform Promotes Trust and Transparency

According to IAGES, every accredited partner listed on the directory is assessed against a strict code of conduct that emphasizes ethical business practices, accountability and responsible operations throughout the value chain.

The organization says the accreditation process is intended to provide consumers with greater confidence when selecting businesses for gold purchases or exchanges.

Directory Covers Multiple Gold Industry Segments

The Accredited Partner Directory includes businesses from across the gold ecosystem, ranging from large national jewellery chains to regional and local retailers.

In addition to gold jewellers, the platform also features accredited gold refiners, bullion traders, manufacturers, assaying and hallmarking centres, and digital gold retailers, offering consumers access to a broad network of verified industry participants.

Industry Participation Continues to Grow

Commenting on the initiative, Kaushlendra Sinha, Chief Executive Officer of IAGES, said the “The growing list of partners in the IAGES Accredited Partner Directory reflects the gold industry’s readiness to adopt transparent and compliant business practices, building consumer confidence and trust while slowly formalising the gold ecosystem in India. We invite all gold businesses to come forward and join the movement to transform India’s gold industry, one accreditation at a time!”.

Consumer Awareness Campaign Reaches Millions

To encourage consumers to verify businesses before purchasing or exchanging gold, IAGES is running its “Before you exchange or buy gold #PehlaCheckIAGES” awareness campaign.

According to the association, the campaign has reached more than 50 million consumers through both digital and offline channels. IAGES also noted that traffic to its website has increased as consumers use the directory to verify accredited gold businesses.

Focus on Formalising India’s Gold Market

Sumeet Deoda, Vice President – Marketing and Communication at IAGES, said the positive response from consumers and industry participants reflects strong demand for a trusted verification platform.

He added that expanding the directory is an important step toward encouraging informed gold-buying decisions and supporting the long-term formalisation of India’s gold sector.

The Accredited Partner Directory can be viewed on:
https://www.iages.com/accredited-partners

To know more, visit www.iages.com or call the toll-free number connecting at 1800 309 2424.

Frequently Asked Questions (FAQs)

1. What is the IAGES Accredited Partner Directory?

The IAGES Accredited Partner Directory is an online platform that helps consumers find verified and accredited gold businesses, including jewellers, refiners, bullion traders, manufacturers and hallmarking centres across India.

2. How many businesses are listed in the IAGES directory?

According to IAGES, the directory currently includes more than 700 accredited partner outlets spread across over 200 cities in India.

3. What types of businesses are included in the directory?

The platform lists accredited gold jewellers, gold refiners, bullion traders, jewellery manufacturers, assaying and hallmarking centres, as well as digital gold retailers.

4. How can consumers search for accredited gold businesses?

Consumers can search the directory by brand name, location or business category, making it easier to identify verified businesses before buying or exchanging gold.

5. What is the purpose of the ‘#PehlaCheckIAGES’ campaign?

The campaign encourages consumers to verify a gold business through the IAGES Accredited Partner Directory before making a purchase or exchange, promoting greater trust and informed decision-making in the gold market.

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Gold, Silver and Platinum Reached New Highs

According to the report, gold continued the investment-led rally that had begun in previous years, while silver and platinum also climbed to record levels during 2025. Palladium likewise posted strong gains.

Despite these price increases, the impact on jewellery demand was more complex than expected. Although higher prices reduced sales volumes, the overall value of jewellery purchases increased, reflecting continued consumer interest in precious metals.

Consumers Shifted Between Precious Metals

While higher prices weighed on volume, jewellery purchase value increased significantly, reflecting sustained consumer demand,” Ms. Banerjee wrote. “Yet another trend was cross-metal substitution at both ends of the market. The high-end market saw some shifts to platinum from gold, while, at the lower end, gold-plated silver jewellery rose in markets like India and China – indicating that jewellery demand remains resilient, even as consumer purchasing patterns evolve.”

Gold Jewellery Demand Declined by Volume

While jewellery spending remained resilient in value terms, the volume of gold purchased by jewellery manufacturers declined across major markets.

In Europe, gold demand for jewellery manufacturing fell by 11 percent to 6.6 million ounces. The report also attributed part of the decline to margin pressures linked to the proposed 10 percent United States tariff. Jewellery consumption in the region also decreased by 9.3 percent.

The United States recorded its lowest level of gold jewellery consumption since 2014, with demand falling 13 percent year-on-year to 3.7 million ounces. According to the report, higher gold prices and ongoing cost-of-living pressures reduced consumer purchasing activity.

Platinum Demand Reached an Eight-Year High

Platinum experienced one of the strongest price increases during the year, rising from 977 US dollars per ounce in January to 2,303 US dollars per ounce in December.

Even with the sharp increase, platinum remained relatively attractive compared with gold, encouraging jewellery manufacturers to increase purchases. Demand rose by around 10 percent year-on-year to 2.214 million ounces, reaching its highest level in eight years.

Silver Prices Climbed, but Manufacturing Demand Softened

Silver also posted substantial gains during 2025, with spot prices increasing from 29 US dollars per ounce in January to 74.8 US dollars per ounce by December.

However, jewellery manufacturers reduced silver purchases by 8 percent, with total demand falling to 189 million ounces. The report said exporters were affected by both higher silver prices and United States tariff measures.

2026 Outlook: Volatility Likely to Continue

Looking ahead, the report suggests that the West Asia crisis, elevated energy prices and the effects of tariffs are likely to keep precious metals markets volatile during 2026 while encouraging cautious consumer spending, Ms. Banerjee wrote.

At the same time, precious metals are expected to retain their importance as stores of value and portfolio diversification assets.

The report also highlights that greater attention will be placed on supply chain transparency, traceability and environmental, social and governance (ESG) standards, making responsible sourcing an increasingly important factor for both competitiveness and consumer confidence.

FAQ’s

1. What is the focus of CIBJO’s latest Special Report?

The report reviews developments in the precious metals market during 2025 and examines how record-high prices affected jewellery demand, manufacturing trends and consumer purchasing behaviour ahead of the 2026 CIBJO Congress.

2. How did higher precious metal prices affect jewellery demand?

According to the report, jewellery purchase volumes declined in many markets because of higher prices, but the overall value of jewellery purchases increased, indicating continued consumer demand despite changing buying patterns.

3. Why did platinum jewellery demand increase?

Although platinum prices rose sharply, the report says the metal remained relatively attractive compared with gold, encouraging jewellery manufacturers to increase platinum purchases and helping demand reach an eight-year high.

4. What happened to silver jewellery demand in 2025?

Silver prices increased significantly during the year, but jewellery manufacturers reduced silver purchases by 8 percent. The report attributes the decline to higher prices and the impact of United States tariffs on exporters.

5. What does the report expect for the precious metals market in 2026?

The report expects geopolitical tensions, higher energy costs and tariff-related pressures to keep markets volatile. It also predicts that responsible sourcing, supply chain transparency and ESG practices will become increasingly important for the jewellery industry.

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Artha Bharat Thanks IFSCA for Enabling Innovation

Commenting on the launch, Sachin Sawrikar, Managing Partner, Artha Bharat Investment Managers IFSC LLP, said:

“We are grateful to the International Financial Services Authority for working with the industry to develop a robust regulatory framework that rewards and encourages innovation in product offering that will help establish GIFT City as the preeminent IFSC of the region.”

He added that the new regulatory framework has opened the door for innovative investment products that can strengthen GIFT City’s position as a leading international financial centre.

Fund to Track International Gold Prices

The open-ended and passively managed fund has been launched in partnership with Singapore-based precious metals specialist FinMet, which will serve as the investment advisor. The scheme aims to closely replicate international spot gold prices by investing at least 95 percent of its assets in London Bullion Market Association (LBMA) standard gold bars traded through the India International Bullion Exchange (IIBX).

The fund will offer weekly subscriptions and redemptions, providing investors with greater liquidity than many conventional physical gold investment products. It also carries a competitive total expense ratio (TER) of 0.65 percent per annum.

Investors Can Redeem Physical Gold or Cash

Highlighting one of the fund’s key features, Sawrikar said:

“Our scheme will invest in physical gold stored in IIDI (India International Depository IFSC) insured vaults within GIFT City — regulated by IFSCA.”

He further added:

“Another first with our scheme is that investors will have an option to receive certified physical gold bars or equivalent cash when they wish to redeem their units in the scheme.”

This feature makes the fund one of the few investment products in India to offer investors the flexibility of taking delivery of physical bullion.

Why Artha Bharat Remains Positive on Gold

The company believes current market conditions present an attractive opportunity for medium- and long-term investors. While gold is trading around 28 percent below its January all-time high, the metal has continued to generate strong long-term returns.

According to Artha Bharat, gold has delivered a 13.7 percent compound annual growth rate (CAGR) over the last 10 years, 20.4 percent CAGR over the past five years, and approximately 20 percent returns over the last year as of June 30, 2026.

Gold Offers Three Structural Advantages

Explaining why gold remains an essential portfolio asset, Sawrikar said:

“Gold offers three structural advantages that make it indispensable in any portfolio: near-zero correlation with equities, freedom from counterparty and sanctions risk, and competitive long-run returns.”

The company highlighted the following advantages:

• Near-zero correlation with equities, with a correlation factor of 0.02 against the S&P 500.
• No sovereign credit, counterparty, or sanctions risk.
• Long-term annualized returns of 12.1 percent since 2001, outperforming the S&P 500’s 10.4 percent total return during the same period.

Gold Plays a Critical Role During Market Stress

Sawrikar also emphasized gold’s defensive role in diversified portfolios, stating:

“Gold stood firm in 2022 when bonds and equities fell simultaneously, challenging the traditional 60/40 framework. Gold is the genuine third leg of a resilient portfolio, not a bond substitute.”

The company believes these characteristics make gold an effective hedge during periods of market uncertainty.

Boosting Institutional Participation in IIBX

Beyond launching a new investment product, Artha Bharat aims to strengthen activity on the India International Bullion Exchange (IIBX). The company noted that while IIBX has largely been driven by commercial gold imports since its launch, the new fund will become the first institutional investment vehicle to hold physical gold through the exchange.

Sawrikar said: “IIBX was built to be world-class infrastructure for gold trading and storage, regulated, transparent, and LBMA-standard. But infrastructure only realises its potential when it has sustained utilisation. Our fund will be the first institutional investment vehicle to use IIBX and IIDI vaults not for import, but for holding gold as a long-term financial asset. We hope this catalyses other fund managers, family offices, and institutional investors to follow, and in doing so, fulfil the original vision of GIFT City as a global hub for gold finance, not merely a conduit for jewelry imports.”

A Milestone for India’s Bullion Investment Ecosystem

With institutional-grade storage, international bullion standards, weekly liquidity, and optional physical gold redemption, the Artha Bharat FinMet Physical Gold Fund represents an important milestone for India’s regulated precious metals market. Industry observers believe the launch could encourage further innovation in commodity-based investment products while strengthening GIFT City’s ambition to become a global bullion finance centre.

Activating the Trading Ecosystem at IIBX

This launch represents a deliberate effort to build up the local financial ecosystem. Launched originally in July 2022 as India’s premier international bullion exchange, the IIBX has faced difficulties maintaining steady trading volumes. Volumes initially climbed from 411 kilograms in fiscal year 2022–23 to 92 tonnes in fiscal year 2024–25, before dropping sharply to just 600 kilograms year-to-date in fiscal year 2025–26.

Crucially, prior exchange activity was almost entirely driven by commercial jewelry imports, lacking participation from institutional funds holding the metal as a core financial asset. The Artha Bharat FinMet Physical Gold Fund changes this dynamic by becoming the very first investment fund to hold physical gold on the IIBX. This introduces long-term institutional investment flows rather than short-cycle commercial import transactions.

Management notes that while the IIBX was designed as a world-class, transparent platform, infrastructure requires sustained utilization to achieve its full potential. By utilizing the exchange and IIDI vaults for long-term asset holding rather than retail importing, the fund aims to catalyze other managers, family offices, and institutional players to participate, fulfilling the original vision of GIFT City as a global hub for gold finance.

About Artha Bharat

Artha Bharat Investment Managers IFSC LLP is one of the largest fund management entities operating from GIFT City and registered with the International Financial Services Centres Authority (IFSCA). It manages the Artha Global Opportunities Fund, Artha Global Multiplier Fund and the Artha Bharat Absolute Returns Fund that are registered with the International Financial Services Centres Authority (IFSCA), GIFT City as Category III Alternate Investment Funds. The 750 million dollar IFSCA registered FME is promoted by XLRI alumnus and CFA charter holder Sachin Sawrikar, who brings over 30 years of global fund management experience.

FAQs

1. What is the Artha Bharat FinMet Physical Gold Fund?
It is the first IFSCA-approved physical gold fund launched from GIFT City, investing primarily in LBMA-standard physical gold traded through IIBX.

2. Who manages and advises the fund?
The fund is managed by Artha Bharat Investment Managers IFSC LLP, while Singapore-based precious metals specialist FinMet serves as the investment advisor.

3. Can investors receive physical gold when redeeming their investment?
Yes. Investors have the option to receive certified physical gold bars or the equivalent value in cash upon redemption.

4. Where will the fund’s gold be stored?
The physical gold will be stored in insured India International Depository IFSC (IIDI) vaults within GIFT City under IFSCA regulation.

5. Why is this fund significant for GIFT City?
It is the first institutional physical gold fund launched under the IFSCA framework and is expected to boost participation in the India International Bullion Exchange while supporting GIFT City’s growth as an international bullion finance hub.

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