Jewellers' body pushes for standardisation of gold rates across India

The All India Gem and Jewellery Domestic Council (GJC) announced Tuesday it is working to implement 'One Nation One Gold Rate', aiming to standardize domestic gold prices that currently vary across different regions of the country.

"We import gold at the same rate, but the domestic retail prices differ from one city to another. We want a single rate to prevail across the country," GJC Secretary Mitesh Dhorda said at the launch of 'Lucky Lakshmi', a revamped annual gold festival running from October 22 to December 9.

The council, which has already conducted over 50 meetings with its members, has managed to bring up to 8,000 jewellers on board for this initiative.


Gold climbs Rs 10, silver up Rs 100; yellow metal trading at Rs 79,650
 

While a representation has been made to the government, the GJC is currently focused on convincing the industry stakeholders.

"We are already providing a recommended rate through WhatsApp broadcast groups to our members. Our target is to reach at least 4-5 lakh jewellers step by step," Dhorda said, adding that implementation in Gujarat has been particularly challenging.

The GJC, established in 2005 with 3,500 members including retailers and manufacturers, hopes to streamline the process within six months.

The council is engaging with both chain stores and individual jewellers, along with its 4,200 affiliated associations.

Meanwhile, the Lucky Lakshmi festival will see participation from 1,500 retailers and 8-9 chain stores, offering prizes worth Rs 10 crore. Customers spending over Rs 25,000 on gold will receive assured prizes during the festival period.

Bollywood actress Mugda Godse attended the launch event along with senior GJC members.