HYDERABAD: Medals awarded to students for academic excellence are set to lose much of their sheen, with several state-run universities deciding to significantly reduce the gold content due to soaring prices of the yellow metal. In addition, universities have increased the deposit amount required from individuals or organisations sponsoring gold medals under the endowment category from Rs 2 lakh to Rs 5 lakh to manage rising costs.
Traditionally, a standard gold medal weighs about 20 grams and is made of a combination of copper, silver, and a limited quantity of pure bullion gold. For instance, a medal now contains around 17.1 grams of copper, 2 grams of silver, and 0.9 grams of gold, down from two grams of gold two to three years ago.
Officials clarified that medals are not gold-coated, as is commonly believed, but contain pure bullion gold in controlled proportions. The surge in prices has forced universities to reduce the quantity of gold used in medals without compromising their overall weight or appearance. This aims to control costs while continuing the long-standing tradition of awarding gold medals to students.
Every year, universities confer approximately 50 to 100 gold medals during convocation ceremonies on PhD scholars, PG and undergraduate students. Under the endowment category, while some universities have raised the deposit amount from Rs 1 lakh to Rs 2 lakh, others have increased it from Rs 2 lakh to Rs 5 lakh.
University spends Rs 15K on each medal
An official from Palamuru University, speaking on condition of anonymity, said the university spends around Rs15,000 per medal using income earned from the 6.5 per cent interest on a Rs 2 lakh endowment.
“With fluctuating gold prices, the university has been compelled to increase the total deposit amount from Rs 2 lakh to Rs 3 lakh. If the prices continue to rise, we may have to further reduce gold content in medals,” the official said, recalling that each medal contained nearly two grams of gold two to three years ago.
Sources from Jawaharlal Nehru Technological University, Hyderabad (JNTUH), and Osmania University (OU) shared that gold medals given to graduates have never been made entirely of gold but have long served as a symbol of academic excellence. While the quantity of gold used has declined due to rising prices, the quality and appearance of the medals continue to be maintained.
Echoing similar views on the subject, R Vishweshwar, a retired college professor, noted that three to four decades ago, medals contained between five and 10 grams of gold along with silver and copper. “The gold content has been steadily decreasing over the years, and if prices continue to rise, gold may gradually disappear from medals altogether,” he explained.