Page 33 - Bullion World Volume 3 Issue 4 April 2023

Bullion World | Volume 3 | Issue 4 | April 2023

As per BIS data, more than 18 crore

DOMESTIC pieces of gold articles have been
hallmarked since implementation
of the mandatory hallmarking

news from July 2022.

After gold jewellery, the government plans to make hallmarking of gold
bullion mandatory and is ready with the draft guidelines, Bureau of Indian
Standard (BIS) Director General Pramod Kumar Tiwari said. Hallmarking --
a quality certification -- has been made mandatory with effect from July 1,
2022 for gold jewellery (14, 18, and 22 carat) and artifacts in 288 districts
of the country.

"The demand from stakeholders has been that quality of gold jewellery
can be ensured only if the bullion is hallmarked. We have prepared the
draft guidlines. So, we have started the consultation process," Tiwari said
at a press conference here. Gold bullion is used as a raw material for
manufacturing of jewellery and its purity is paramount, considering the
large volume of jewellery, he said. Tiwari said BIS has also set up an an
Indians getting more advisory group with representations from jewellery, importers, refiners and
opportunities to invest assaying centres, among others.
in silver, says study "The advisory group will go through the draft guidelines and suggest if any

Indian investors have more are changes to be made. Thereafter, public comments will be sought on
significant opportunities to invest in the same," he said. Hallmarked gold bullion will help in ensuring the desired
silver beyond holding the precious purity of gold jewellery being manufactured in the country, he added.
metal physically as new investment As per BIS data, more than 18 crore pieces of gold articles have been
products have been introduced, a hallmarked since implementation of the mandatory hallmarking from July
Silver Institute’s Market Trend report 2022. Tiwari said about 92.08 per cent of samples have been cleared by
BIS referral assaying labs so far in the current fiscal.
has said.
India is the world's largest consumer and importer of gold. The country
Traditionally, Indians have favoured imports about 700-800 tonnes of gold annually.
holding silver physically but the Source: https://www.hindustantimes.com
“Trend in Indian Investment Demand”
study revealed that since 2014, Sovereign Gold Bonds are
some notable policy and regulatory now available on Bajaj
changes in India have structurally
altered investment in precious Markets
metals, potentially limiting physical Sovereign Gold Bonds (also known as SGBs)
investment. are now available on Bajaj Markets, a subsidiary
of Bajaj Finserv. Customers can now purchase
The introduction of new options, Sovereign Gold Bonds digitally, through the Bajaj
including silver exchange-traded Markets' app or website.
products (ETPs) and digital silver,
has provided opportunities for Indian SGBs are government securities that are denominated in grams of gold and
investors to invest in liquid assets, enable individuals to invest in gold without facing the hassle of purchasing
without the need to worry about the and storing physical gold. The availability of these gold bonds on the Bajaj
storage of physical silver, it said. Markets platform coincides with RBI's latest 2022-23 Series IV tranche
The study said India plays a starting from March 6 2023 to March 10, 2023.
significant role in silver and gold Bajaj Markets makes it easy for one to invest in SGBs with a fully digital,
investment demand as the world’s 3-step investment process. Those investing online also benefit from a
sixth-largest economy and foremost discount of Rs 50 per gram.
silver fabricator.
Source: https://www.aninews.in

33