Mumbai, Maharashtra, India | 19th September 2025: Gold prices have surged beyond US$3,000 per ounce, setting new global records amid rising concerns over global debt, ongoing geopolitical uncertainties, and expectations of monetary easing. In India, this rally has translated into domestic rates hovering around ₹1,01–1,02 lakh per 10 grams.
Despite the steep prices, demand in India remains resilient. Families are increasingly pawning old jewellery, jewellers are adapting with lighter, more affordable designs, and investors are shifting toward financial gold products, ensuring that cultural ties to the precious metal remain intact.
Major Gold Policy Reforms Strengthen India’s Market
One of the most impactful structural changes in 2025 has been the reduction of import duties—to 6% on refined gold and 5.35% on gold doré. Widely regarded as the most significant reform in a decade, this move has:
- Curbed gold smuggling
- Encouraged legal imports
- Enhanced transparency in the retail ecosystem
Complementing this, the government has expanded regulatory measures such as hallmarking of 9K gold and extending HUID-based hallmarking to silver, reinforcing consumer trust by guaranteeing quality and minimizing disputes.
India International Bullion Exchange (IIBX) Gains Traction
India’s institutional gold infrastructure is also maturing. The India International Bullion Exchange (IIBX) has expanded into silver and gold futures, offering exporters and jewellers vital hedging tools. This move positions India closer to becoming an active participant in global price discovery.
If participation deepens, IIBX could help transform India’s role from a price taker to a price influencer in the global bullion market.
Expert Insights
“India has already made path-breaking reforms that put the bullion industry on a transparent and resilient basis. If we persist with disciplined policy implementation, hallmarking, risk management, and extended use of infrastructure such as IIBX, India can not only withstand global pressures but also emerge as a reliable leader in bullion markets worldwide,” said Mohit Kamboj, CEO of Aspect Global Ventures and Former National President of the India Bullion and Jewellers Association (IBJA).
