The Kerala Gold and Silver Merchants Association (KGSMA) has decided to implement a comprehensive ‘Vision 2030’ action plan aimed at making the State’s gold trade sector stronger, more transparent and modern.
At a state committee meeting, the association also decided to organize 100 study sessions across Kerala to take the initiative forward and create greater awareness among traders and other stakeholders.
According to KGSMA, ensuring the survival of small and medium-sized jewellery businesses, protecting workers and artisans, and preserving traditional gold trade will be among the key objectives of ‘Vision 2030’.
Association office-bearers said gold is not merely an ornament but also represents savings and financial security for millions of families. They stressed the need for policies that strengthen legitimate and transparent business practices rather than weaken the gold trade sector.
The meeting discussed several issues affecting the gold trade, including record-high gold prices, high import duties, valuation of old gold, fake HUID numbers and hallmarking, GST, and the additional costs associated with digital transactions.
K.Surendran, start president and S.Abdul Nazar, general secretary of KGSMA maintained that a rational reduction in import duties, along with measures to encourage the recycling of domestic old gold, could strengthen legitimate trade and help curb illegal gold trading.
The association also demanded the withdrawal of the increased UPI and HUID charges.
Another major demand was the introduction of a State-level Standard Operating Procedure (SOP) for purchasing old gold. According to KGSMA, such a mechanism is necessary to protect traders from financial losses and legal complications when they unknowingly purchase stolen gold.
The association also called for stringent action against fake HUID numbers and fraudulent hallmarking. It plans to intensify awareness campaigns in collaboration with agencies such as the Bureau of Indian Standards (BIS) to ensure greater compliance and consumer awareness.
KGSMA further emphasized that protecting the gold trade is not merely about safeguarding traders. It also involves protecting the hundreds of thousands of workers and artisans employed in the sector, safeguarding consumers, ensuring tax revenue for the State, and supporting the wider economy.
Published on September 21, 2026
