Editor’s Note
**Editor’s Note:** This week saw a sharp rise in gold and silver prices, with 10 grams of gold climbing by 3,666 rupees to 1.47 lakh and silver surging by 6,166 rupees per kg. In a significant policy shift, the government has reclassified gold, silver, and platinum jewelry from ‘Free’ to ‘Restricted,’ now requiring import licenses—a move poised to reshape market dynamics.
This week, the price of 10 grams of gold has increased by 3,666 rupees to reach 1.47 lakh rupees. Earlier, it was at 1.43 lakh rupees last week, i.e., on March 27. Meanwhile, 1 kg of silver has risen from 2.22 lakh to 2.28 lakh rupees. This means its price has increased by 6,166 rupees.
Meanwhile, the government has moved gold, silver, and platinum jewelry from the ‘Free’ category to the ‘Restricted’ category. This will directly impact market supply, which could lead to price increases.
According to a notification issued by the Directorate General of Foreign Trade (DGFT), now to import jewelry made from these precious metals from any country, one will need to obtain a special license or permission from the government. The government has taken this step to prevent misuse of Free Trade Agreements (FTA).
According to DGFT, the new rule has come into effect immediately. If a businessman has already made a contract, paid an advance payment, or a Letter of Credit (LC) has been issued, they will not get any relief. The benefit of transitional arrangement (exemption given during the change) will not be provided this time. This means that whatever goods have not yet reached Indian ports, the new rules will apply to them.
Disadvantages:
Until now, cheap jewelry used to come from countries like Thailand at lower taxes. Making licenses mandatory for these options may slightly increase prices in the local market.
When buying jewelry for investment, you will now have to rely on domestic prices. When supply is low, shopkeepers may charge higher ‘premium’ or making charges for some time.
Benefits:
The demand for jewelry made in India will increase instead of foreign jewelry. This will give more work to local artisans and customers will get more variety of Indian designs.
It was difficult to check the purity of jewelry coming from outside. Now strict rules of ‘hallmarking’ will be implemented on jewelry made in the country, which will ensure that customers get pure gold and silver.
This year, the prices of gold and silver have been continuously fluctuating. In 2026, gold has become costlier by 13,413 rupees and silver by 2,607 rupees so far. On December 31, 2025, 10g gold was at 1.33 lakh rupees, which has now reached 1.46 lakh rupees. Similarly, silver was 2.30 lakh rupees per kg, which has now reached 2.28 lakh rupees.
During this period, on January 29, gold made an all-time high of 1.76 lakh rupees and silver made an all-time high of 3.86 lakh rupees. However, after the war between America and Israel with Iran started on February 28, a continuous decline has been observed. Since then, in 36 days, gold has fallen by 12,489 rupees and silver by 38,887 rupees.
Transportation and Security:
Transporting gold from one city to another involves fuel and security costs, which increase the price as distance increases.
Purchase Quantity:
Due to higher consumption in South India (around 40%), jewelers make bulk purchases, but the benefit of discounts remains limited.
Local Jewelers Association:
State and city jewelers associations determine rates based on local demand and supply.
Old Stock and Purchase Price:
The jewelers’ purchase rate determines at what price they will sell to customers.
1. Buy Only Certified Gold:
Always buy certified gold with the Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric, something like this – AZ4524. Hallmarking indicates how many carats the gold is.
2. Cross Check the Price:
Cross check the correct weight of gold and its price on the day of purchase from multiple sources (such as the India Bullion and Jewellers Association website). The price of gold varies according to 24 carat, 22 carat and 18 carat.
Magnet Test:
Real silver does not stick to a magnet. If it sticks, it’s fake.
Ice Test:
Place ice on silver. Ice melts quickly on real silver.
Smell Test:
Real silver has no odor. Fake has a copper-like smell.
Cloth Test:
Rub silver with a white cloth. If a black mark appears, it’s real.
