For some time now, the prices of gold and silver have shocked jewelery traders. Especially the price of silver has brought uncertainty in business. In January 2026, silver touched the all-time high of around Rs 2 lakh 90 thousand per kg and fell completely. As soon as the price of silver increases, customers start staying away from the market. Sales are less even during the wedding season.
Prices may cross Rs 4 lakh
Due to the prolonged war between Iran, America and Israel in the Middle East, the prices of gold and silver may increase. According to Rajesh Rokade, Chairman of All India Gems and Jewelery Domestic Council, due to the war, the price of silver may go above Rs 4 lakh per kg next year. Recently it had tried to touch the figure of 3 lakhs. It is true that since it is an international market, the government cannot do much in this, but the government has the option of reducing the custom duty. If the government reduces the custom duty by 2%, it will provide great relief to the jewelery business.
Businessmen are facing problems
Rajesh Rokade was speaking during the emergency meeting of the National Goldsmiths Association, an organization of jewelery business traders. In the meeting, a new strategy was made to deal with the problems faced by jewelery traders, under which the organization has declared Khagaria Bihar MP Rajesh Verma as its new president. According to MP Rajesh Verma, the government is trying its best but a lot of problems are coming from the state governments, the biggest problem in this is the misuse of Section 317 of the Indian Justice Code Act (Section 411 in the old law). Under this, the police harasses jewelers, a strategy is being made to deal with this.
How to solve the problem of jewelers
Explaining in detail the misuse of Section 317 of the Indian Judicial Code, Chief Coordinator of the Goldsmiths Association, Jaiprakash Verma said that when a person comes to sell his old gold or silver, the jewelers do not know what is its source and sometimes it happens that the police harasses the jewelers by calling it theft. Even after showing the confirmed bill, the problem of the jeweler does not subside; the police harasses him during the case. In this matter, we are going to demand intervention from the Home Ministers of various state governments. In the meeting of the Goldsmiths Association, various officials were assigned tasks which also included the responsibility of a big demonstration in Delhi to ensure proper benefits to the goldsmiths under the Central Government’s Pradhan Mantri Vishwakarma Yojana and to give concrete instructions like Section 317.