GJC Launches 'One Nation One Gold Rate' to Standardise Gold Prices Across India

New Delhi, Oct 23 (KNN) In a significant move towards standardising gold prices across the country, the All India Gem and Jewellery Domestic Council (GJC) announced on Tuesday its ambitious initiative, 'One Nation One Gold Rate'.

This program aims to eliminate the disparities in gold prices that currently exist between various regions in India. GJC Secretary Mitesh Dhorda emphasised the necessity of a unified pricing structure, stating, "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."

The announcement was made during the launch of the 'Lucky Lakshmi' festival, a revamped annual celebration of gold that runs from October 22 to December 9.

The GJC has already engaged in over 50 meetings with its members, successfully rallying around 8,000 jewellers to support this initiative. The council is keen to bridge the gap between the different pricing structures that have caused confusion and dissatisfaction among consumers.

In its efforts to standardise gold pricing, the GJC has made representations to the government but is currently 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 explained, acknowledging the challenges encountered in implementing the initiative, particularly in Gujarat.

Established in 2005, the GJC has grown to include 3,500 members, comprising both retailers and manufacturers. The council aims to streamline the gold pricing process within a six-month timeframe.

To facilitate this transition, the GJC is actively engaging with both chain stores and individual jewellers, leveraging its network of 4,200 affiliated associations.

The 'Lucky Lakshmi' festival adds a festive touch to this initiative, featuring participation from 1,500 retailers and 8-9 chain stores. The festival will offer exciting prizes worth Rs 10 crore, with customers who spend over Rs 25,000 on gold assured of rewards during the celebration.

The launch event saw notable attendance, including Bollywood actress Mugda Godse, alongside senior GJC members, highlighting the importance of this initiative in not just the jewellery industry but also in enhancing consumer confidence in gold purchases.

As the GJC pushes forward with its 'One Nation One Gold Rate' initiative, the council aims to create a more transparent and equitable market for gold in India, benefiting both jewellers and consumers alike.

(KNN Bureau)