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Time of India
02-07-2025
- Business
- Time of India
From heirloom to haute: Sky-high gold prices redefine bridal bling in Gujarat
Ahmedabad: Gold may still symbolise prosperity, but in Gujarat's wedding market, it is now coming in lighter, leaner forms. With prices soaring past Rs 1 lakh per 10 grams, brides and families are moving away from traditional 22-carat sets in favour of sleek and lightweight 18K and even 14K alternatives. Tired of too many ads? go ad free now Affordability is shaping aesthetics this wedding season with many opting for those featuring polki, meenakari, jadau, and semi-precious stones. Jewellers across cities report a noticeable drop in weight, but not in style. On Tuesday, the price of gold touched Rs 1,00,400 per 10 grams in Ahmedabad, pushing buyers to make more calculated decisions when planning wedding purchases. Jewellers say footfalls for planned wedding-related jewellery purchases are rising since rath yatra, but the weight of each purchase is literally going down. "Gold is inching beyond the reach of the average bridal buyer," said Haresh Acharya, director at India Bullion and Jewellers' Association (IBJA). "Geopolitical uncertainty and heightened central bank buying are driving prices up. This has nudged a cultural shift away from traditional 22-carat wedding jewellery toward sleeker, lower-carat options." Jewellers and bullion traders also attribute this slump to the shifting dynamics of Indian weddings, where elegance now walks hand-in-hand with budget mindfulness. In Ahmedabad, Jigar Soni, president of the Jewellers' Association, echoed the shift: "The price of gold is forcing families to rethink the size and weight of wedding ornaments. Instead of full-weight neck pieces and bangles, there is a growing preference for lightweight, designer-driven jewellery that combines lower-carat gold with intricate polki, Meenakari, jadau, and stone work." Jewellers say today's bride is focused on function, form, and flair. Tired of too many ads? go ad free now "Millennial and Gen Z couples want jewellery that reflects personal style and practicality," said Manoj Soni, a jeweller in Ahmedabad. "Rings, bangles, and bracelets in 14- or 18-carat gold allow for better strength, more colours, and intricate detailing, without breaking the bank." The shift is also evident in consumer behaviour. "Younger couples are moving away from heirloom sets toward custom statement pieces," said Soni. "There's an increasing demand for modular, lightweight sets that can be reused or reworked after the wedding." He added, "Several jewellers in Surat, Vadodara, and Rajkot report a spike in demand for custom bridal sets under 100 grams, which balance form and function without compromising on festive grandeur." Jewellers also noted minor interest in 10- and 12-carat gold, prompting discussions in the industry on the need to standardize these carat values for quality assurance.
Time of India
24-05-2025
- Business
- Time of India
Ahmedabad jewellers seek transparency in gold TRQ allocation under India-UAE Comprehensive Economic Partnership Agreement
1 2 3 4 Ahmedabad: Jewellers in Ahmedabad raised concerns over the opaque allocation process for gold import quotas under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) for FY 2025–26. In a formal representation to the Directorate General of Foreign Trade (DGFT), the Jewellers' Association of Ahmedabad (JAA) urged the govt to publish clear eligibility criteria for tariff rate quota (TRQ) allotment and scrap the Rs 25 crore turnover threshold, which they say disadvantages smaller jewellers and distorts market competition. Under the current TRQ application process, jewellers, bullion traders, and manufacturers were required to submit past turnover figures and pay a non-refundable Rs 1 lakh fee. However, many applicants said they were unaware of any turnover threshold at the time of applying in Feb. "A turnover-based eligibility rule which was rescinded in 2023 was quietly reinstated, restricting access for smaller jewellers and bullion traders," said JAA president Jigar Soni. "This not only runs contrary to the spirit of CEPA, which is to promote wider market participation, but also creates an uneven playing field in favour of larger corporates." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Transforme sua disposição com esta solução natural recomendada por especialistas AlwaysFit Undo Several applicants said they had no knowledge of the Rs 25 crore qualifying bar until results were announced. "I submitted a complete TRQ application, paid the Rs 1 lakh fee, but had no idea about any turnover requirement," said Hardik Choksi, a jeweller from Manek Chowk in Ahmedabad. "This essentially means small businesses like ours are not even in the running, and the benefits of the duty concession will be concentrated among big traders. We will end up buying gold at higher prices from them, which affects our margins and market standing." The issue gained further traction after the DGFT, in a meeting on April 29, disclosed that it received over 3,000 TRQ applications—a 253% rise over the previous year, but only about 1,400 were approved. Officials reportedly prioritised firms with "considerable business size" and "manufacturing capacity", a move that sparked calls for greater transparency. "The turnover clause was officially scrapped last year," said Bhavin Patalia, a chartered accountant who filed over 100 TRQ applications. "If the govt planned to bring it back, applicants should have been clearly informed." Box: CEPA and the TRQ system The India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, allows for duty concessions on select goods to enhance bilateral trade. Under this, India permits the import of up to 200 metric tonnes of gold annually from the UAE at a 1% duty discount — lower than the standard import duty — through a tariff rate auota (TRQ) mechanism. Jewellers, bullion traders, and manufacturers must apply to the Directorate General of Foreign Trade (DGFT) for TRQ certificates to access this concession. The quota is distributed based on eligibility criteria, which applicants say lacked transparency this year. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
