There are around 650 hallmarking centres across the country.
Mumbai: Local jewellery buyers have reason to cheer at last. New Delhi has approved compulsory hallmarking of gold and silver ornaments to protect consumers.
Surendra Mehta, national secretary of IBJA, and Chirag Sheth of Metals Focus expect the process to be implemented in phases in the next 6-12 months. At 168.6 tonnes, India was the world’s biggest jewellery consumer in the June quarter this year, having overtaken Greater China that accounted for 148.9 tonnes, Metals Focus data showed.
“The huge consumption makes mandatory hallmarking imperative, but it will be interesting to see how it is implemented and enforced,” said Sheth of Metals Focus, the data provider to the World Gold Council. Trade sources estimate under-caratage, or lower purity jewellery, to be as high as 15-20 per cent of overall demand. The government, through the Bureau of Indian Standards (BIS), expects customers would be protected through hallmarking that mandates sale of only 14-, 18- and 22-carat jewellery. Jewellers have to be registered with the BIS. Hallmarking protects the public against adulteration and obligates manufacturers to maintain legal standards of fineness.
Courtesy - ET