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Despite facing teething issues, gold hallmarking set to benefit all stakeholders
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Synopsis
“The government has said that hallmarking will become mandatory from June 1. So, we too, are coming up with an adequate number of hallmarking centres to support the industry,” said Uday Shinde, president, Indian Association of Hallmarking Centres. “A standard hallmarking centre requires Rs 70- Rs 80 lakh to be set up.”
While the hallmarking industry is increasing the number of centres, BIS also plans to launch a nine-digit alphanumeric unique identity number (UIN) for each piece of jewellery.
About 400 new gold jewellery hallmarking centres are coming up by the end of next month to speed up the process of stamping the bullion so that jewellery buyers get the desired level of purity.
Only 10% jewellers opt for certification, finding hallmarked gold jewellery for weddings gets difficult: Report
The number has stayed low even though the Centre extended the deadline for hallmarking from June 1, 2020 to January 15, 2021.
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Only 30,000 jewellers of 300,000 jewellers in the country have opted for hallmark gold, which will likely make gold ornaments and jewellery scarce for families ahead of the summer wedding season.
The low number comes even after the Centre extended the deadline from June 1, 2020 to January 15, 2021, The Economic Times reported.
The weddings planned for this year have risen after a host of ceremonies were cancelled last year due to the coronavirus pandemic and lockdowns April, May and June are especially popular, with May alone having 15 “auspicious days” for weddings, it report said.
Only 10% of Indian jewellers opt for hallmarked gold ahead of wedding season
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Synopsis
If hallmarking is not done by the deadline, jewellers will not be able to continue their business. Small jewellers in tier 2 and tier 3 cities and in rural areas are particularly vulnerable while large organised retail chains stand to gain.
Kolkata: Barely 10% of about 300,000 jewellers in the country have opted for hallmarked gold, for which the government has extended the deadline to June 1 from January 15. As a result, many families may not be able to buy hallmarked jewellery in the wedding season.
This year, April, May and June have the highest number of marriage dates, with May alone having 15 auspicious days for wedding. Many marriages that were postponed last year due to the pandemic have been rescheduled to this year.
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