Jewellery Makers Gain On Mandatory Hallmarking Of Gold Jewellery Analysts say that listed jewellery retailers and makers will benefit from government s move for mandatorily hallmarking gold jewellery.
Updated: May 26, 2021 2:14 pm IST
Shares of jewellery makers rose after the government reiterated its move for mandatory hallmarking of gold jewellery but extended its deadline to June 15 given the lockdowns in th various parts of the country to deal with Covid-19 pandemic.
Kalyan Jewellers rose 5 per cent, Titan Company advanced rose as much as 3 per cent, Thangamayil Jewellery rose 2 per cent, PC Jeweller advanced 3.13 per cent, Rajesh Exports climbed 1.7 per cent and Tribhovandas Bhimji Zaveri advanced 1.5 per cent.
Deadline For Mandatory Hallmarking Of Gold Extended To June 15 The government on Monday extended its deadline for mandatory hallmarking of gold jewellery to June 15 from its previous deadline of June 1.
Updated: May 25, 2021 12:28 pm IST
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
The government on Monday extended its deadline for mandatory hallmarking of gold jewellery to June 15 from its previous deadline of June 1. Hallmarking of Gold Jewellery is set to begin from 15th June 2021. In view of Covid, Government accepted the request of stakeholders to give jewellers some more time to get prepared for implementation and resolve issues. Earlier it was expected to be implemented from 1 June 2021, Ministry of Consumer Affairs, Food & Public Distribution said in a press release.
Compulsory Hallmarking Of Gold Jewellery Deferred By Two Weeks; To Begin From June 15
by Arun Kumar Das - May 25, 2021 05:20 AM
Inside view of a jewellery shop in Connaught Place New Delhi. (Pradeep Gaur/Mint via GettyImages)
Snapshot
BIS (Hallmarking) Regulations were implemented from June 14, 2018.
The hallmarking of jewellery and artefacts is required to enhance the credibility of gold jewellery and customer satisfaction through third-party assurance for the marked purity and fineness of gold.
At present, only 30 per cent of Indian gold jewellery is hallmarked, leading to authenticity concerns.
Hallmarking of gold jewellery is set to begin from June 15 this year as in view of Covid, the government has accepted the request of stakeholders to give jewellers some more time to get prepared for implementation and resolve issues.
The decision in this regard was taken at a meeting chaired by Consumer Affairs Minister Piyush Goyal. In November 2019, the government had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021. However, the deadline was extended for four months till June 1 after jewellers sought more time in view of the pandemic. Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present. In view of Covid, the government accepted the request of stakeholders to give jewellers some more time to get prepared for implementation and resolve issues, an official statement said.