Hallmarking of gold bullion must soon
Sat Dec 07 2024
The government is gearing up to make hallmarking mandatory for gold bullion, a move aimed at ensuring the purity of gold products and safeguarding consumers from potential quality issues, Consumer Affairs Secretary, Nidhi Khare, said on Friday. More than 40 crore gold jewellery items have been hallmarked to date -- over 4 lakh gold items being hallmarked per day, the government informed last month.
Addressing the Gems and Jewellery Conference by the Confederation of Indian
Industry (CII) in the national capital, Khare said hallmarking has
revolutionised the jewellery industry by instilling trust and transparency.
"The mandatory implementation of the six-digit unique ID hallmarking
system ensures quality, traceability, and consumer confidence across the entire
value chain," she told the gathering. The automation of hallmarking
processes, such as the API-based integration of XRF data, represents a leap forward
in quality assurance, streamlining operations, and enhancing efficiency for
both jewellers and consumers. The next frontier for India’s jewellery sector
lies in creating aspirational global brands, said Khare. "Drawing
inspiration from centuries-old European houses, Indian manufacturers must align
their heritage with modern consumer preferences in different markets across the
globe to leave a lasting imprint," she noted.
Since the launch of mandatory hallmarking, the number of registered jewellers
has increased from 34,647 to 1,94,039 - a notable increase of more than five
times. Similarly, the number of assaying and hallmarking centres (AHCs) has
grown from 945 to 1,622, according to the Ministry of Consumer Affairs. GJEPC
Executive Director Sabyasachi Ray said that India's gems and jewellery industry
has emerged as one of the most compliant sectors globally, adhering to high
ethical standards and transparency through hallmarking, GST implementation, and
the Kimberley Process for conflict-free diamonds. "The success of free
trade talks (FTAs) with the UAE and Australia exemplifies how strategic
economic diplomacy can elevate the jewellery industry. By focusing on
high-growth regions and reducing export duties, India is creating a conducive
ecosystem for scaling up global trade," Ray said.
Source: https://www.thehansindia.com/