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.
