GJC makes a fresh plea for standardized gold rates across India at launch event of Lucky Lakshmi festival

The All India Gem and Jewellery Domestic Council has held 50 meetings, engaging over 8,000 jewellery retailers so far, and aims to involve 4-5 lakh more jewellers as part of the initiative. It intends to streamline the gold pricing process within six months

Mumbai: The All India Gem and Jewellery Domestic Council (GJC) has made a fresh announcement about its initiative to implement ‘One Nation One Gold Rate’, aiming to standardize gold prices nationwide, which currently vary by region. The announcement came during the launch of the ‘Lucky Lakshmi’ festival, an annual event running from October 22 to December 9.

GJC Secretary Mitesh Dhorda stated, “We import gold at the same rate, but domestic retail prices differ from one city to another. We want a single rate to prevail across the country.” The council has conducted over 50 meetings and successfully engaged around 8,000 jewellers in support of this initiative.

While a representation has been made to the Government, the GJC is focusing on convincing 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 added, noting that implementation has been particularly challenging in Gujarat.

Founded in 2005, the GJC includes 3,500 members, comprising retailers and manufacturers, and aims to streamline the pricing process within six months. The council is working with both chain stores and individual jewellers, as well as its 4,200 affiliated associations.

The Lucky Lakshmi festival will involve participation from 1,500 retailers and 8-9 chain stores, offering prizes worth Rs10 crore. Customers who spend over ₹25,000 on gold will receive guaranteed prizes during the festival.

Actor Mugdha Godse attended the launch event alongside senior members of the GJC, highlighting the council’s commitment to supporting the jewellery industry in India.

Retail jeweller India News