Gold News

Indian jewelry hallmark arouses opposition

Indians have proved among the most willing to buy gold jewelry this year, but lobbying groups in the country are protesting new moves to introduce mandatory hallmarking for the precious metal.

Umbrella jewelers body the All India Gems and Jewelry Federation (GJF) has opposed government plans to make hallmarking of gold mandatory, claiming that it will hurt a thriving industry.

A stellar year for gold demand in the subcontinent means that little is likely to stifle the country's thirst for the precious metal, but the trade group said that corruption could become an issue.

GJF director H Mohanlal Jain said: "Mandatory BIS licensing will hurt the industry's growth. Inspections on hallmarked jewelry and holding jewelers for flaws in purity will lead to corruption."

Exemptions have been made in the Hallmarking Act, but jewelry below five gm will still have to be regulated, arousing the anger of Mr Jain, who claimed that "such jewelry will not have the required space and shape to put the hallmark".


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