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Gold Prices Surge: Why 9-Carat Gold Jewelry May Soon Be Hallmarked

On Tuesday, silver prices peaked at Rs 92,444 per kg in Mumbai's Zaveri Bazaar, Asia's largest precious metal hub, an increase of 5.67%.

By Newsd
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Gold Prices Surge: Hallmarking and Hallmarking Unique Identification (HUID) numbers for 9-carat gold jewelry have been requested by the Bureau of Indian Standards (BIS).

As gold and silver prices have reached record highs, many consumers are unable to afford them.

There is currently only 14 carat gold hallmarked with an HUID number. On Tuesday, silver prices peaked at Rs 92,444 per kg in Mumbai’s Zaveri Bazaar, Asia’s largest precious metal hub, an increase of 5.67%.

On Tuesday, gold prices were hovering around Rs 74,222 per 10 gm, approaching the Rs 75,000 mark.

Mumbai’s jewellery market was closed on Monday due to the general election.

The India Bullion & Jewellers Association (IBJA), a leading trade group, met with BIS officials on Tuesday to discuss 9-carat gold hallmarking and HUID numbers, according to an ET report.

IBJA’s national secretary, Surendra Mehta, said today, “Prices are surging northwards and consumers are feeling the pinch. Keeping that in mind, we met with officials today to allow 9-carat hallmarking.”

In determining sovereign gold bond prices, the Reserve Bank of India recognizes IBJAs.

Nine-carat gold costs Rs 27,740 per 10 gm at present, plus 3% GST.

Consumers will be able to afford larger pieces of jewellery if hallmarking is permitted for 9-carat gold.

Gold’s price has risen nearly 17% over the past five months, driven by geopolitical tensions, expectations of a rate cut, and a surge in Chinese demand.

“Despite the higher gold price, we believe there is room for further upside, with prices expected to hit Rs 80,000-85,000 per 10 gm by Akshaya Tritiya next year,” Gupta said.

According to Mehta from IBJA, the high price of gold is negatively impacting demand, with regular buyers staying away. Only wedding-driven demand is there now.’

Also Read: Revenue of gold jewellers set for 17-19% growth in 2024-25: Crisil

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