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Compulsory gold hallmarking

The lack of awareness among jewellers in understanding

the hallmarking law is key to its slow progress.

Also, some jewellers feel that piece-wise inventory will be required

to be kept in mandatory hallmarking regime,

but the fact is that description of each piece sold is only to be given while making invoice for the customer.

The  initial response to compulsory hallmarking of gold jewellery and artefacts

from January 15, 2020 has been lukewarm in the unorganised gold trade.

Industry insiders said lack of awareness about the law was one of the reasons for this.

The faster jewellers ensure hallmarking,

the better it is for consumers,

who will not be duped while purchasing their favourite piece of jewellery.

Consumers living in small cities, towns and rural parts of the country

suffer on the gold purity front as many jewellers do not offer hallmarked jewellery.

Rural India accounts for 60per cent of the country’s gold consumption of 800-850 tonnes a year.

From January 15 next year, jewellers will be allowed to sell only hallmarked jewellery

and artefacts made of 14-, 18- and 22-karat gold.

Any violation would attract penalty and imprisonment of one year.

 

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Gold max
February 17, 2020
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The Diamond Industry Is in a Pricing Crisis

Anglo’s De Beers unit will mine 1 million carats less than previously forecast in both 2020 and 2021, according to an investor presentation on Tuesday. That equates to less than 1% of global output, but slows the pace of the company’s expansion as an oversupply of rough diamonds weighs on the industry.

De Beers’s buyers have grown increasingly frustrated with the cost of rough stones as the price of polished gems slump. That’s led to wafer-thin margins and losses for some of the traders buying stones from De Beers and Russian rival Alrosa PJSC.
The crisis has spread to engulf the world’s diamond miners as well. De Beers, which dictates prices to its select group of clients, reported sales through November were more than $1.2 billion lower than the same period in 2018.

The company, which says it mines to meet demand, has responded by offering more flexibility to its customers, allowing them to reject some purchases. Last month, De Beers cut prices across the board by about 5%.

Even so, the company’s production is still set to rise to as much as 34 million carats next year, from 31 million carats in 2019.

Bloomberg
Source:

Thomas Biesheuvel

best pricediamondexchange offer
Gold max
December 11, 2019

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    Hi, My name is ... I need to sell 22k hallmark-916-old gold in Chennai , also like to know the proceedures...