Indore (Madhya Pradesh): Devi Ahilya Vishwavidyalaya (DAVV) has initiated steps to revise the amount required for instituting gold medals, in response to the sharp and sustained rise in yellow metal prices.
The DAVV gold medal committee has unanimously agreed to recommend an increase in the endowment amount which currently is Rs 1.5 lakh.
“The revised amount could be either Rs 2 lakh or Rs 2.5 lakh,” said committee chairperson Rachna Thakur.
The decision was taken during a recent meeting of the gold medal committee, which reviewed the growing financial burden on the university due to escalating prices of precious metals, particularly gold. At present, gold prices are hovering at historically high levels, significantly impacting the cost of manufacturing medals.
Thakur said that the committee’s recommendation will soon be placed before the university administration, which will then present it to the executive council (EC) for final approval.
“We will give our recommendation to the university administration, which will keep the matter before the executive council. If the EC gives its approval, the amount required to institute a gold medal in DAVV will increase,” Thakur said.
She further acknowledged that until the revised structure is approved and implemented, the university may have to bear additional expenses from its own funds.
Interest income no longer enough
Currently, DAVV charges Rs 1.5 lakh from an individual or institution wishing to institute a gold medal (medal from sliver with gold plating). This amount is placed in a fixed deposit (FD) and the gold medal is funded through the interest earned on it.
At an average interest rate of around 6 per cent, the university earns roughly Rs 9,000 per year from such an FD. However, this amount is no longer sufficient to cover the cost of producing the medal.
The so-called “gold medal” is actually made of silver with gold plating and earlier cost about Rs 2,500. Due to rising yellow metal prices, this cost has now increased nearly fourfold, far exceeding the interest income generated from the deposited amount.
As a result, the shortfall has been absorbed by the university, adding to its financial burden.
University officials pointed out that several years ago, the cost of instituting a gold medal was as low as Rs 50,000, which generated an annual interest of around Rs 3,000. With inflation, banking changes and soaring bullion prices, the structure has become unsustainable.
University to approach donors for revised amount
To bridge the gap between interest income and actual medal costs, DAVV has decided to approach individuals and institutions who have instituted gold medals in the past, requesting them to contribute the difference amount in line with current prices -- subject to approval by the EC.
“We will try to contact the persons and institutions to meet the revised amount if our recommendations are approved by the EC,” Thakur added.
DAVV annually awards around 200 gold and 20 silver medals during its convocation ceremonies. “With precious metal prices fluctuating sharply, the revision is seen as a necessary step to ensure the continuation of academic honours without compromising the university’s financial health,” Thakur said.
Gold medal in memory of ex-VC’s hubby
A gold medal has been instituted in the memory of Satish Kant Jain, late husband of former vice chancellor Prof Renu Jain. Satish Kant Jain had passed away some five years ago when Renu Jain was VC.
Before her tenure came to an end, the former VC gave endowment amount to institute a gold medal in memory of her husband to MSc (Chemistry) topper. This year, the median gold medal will be given to MSc (chemistry) topper on February 17 convocation.
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