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Gold jewellery hallmarking to be mandatory soon

Fakir Chand in Bangalore

The Union government is planning to make hallmarking of gold jewellery mandatory soon for enabling the Bureau of Indian Standards to certify the purity of the glittering metal sold by gold jewellers across the country.

Disclosing this in Bangalore, World Gold Council manager (south) K Shivram said that the BIS had already started the drive to make jewellers come forward voluntarily for getting their gold items certified as an hallmark of quality in purity.

"The BIS launched the 'Hallmarking Scheme' from April this year on a voluntary basis to ensure that the Indian customers get the quality and purity of gold jewellery. This should be in accordance with the India Standard IS: 1417 grades of gold and gold alloys, which conforms to international standards," Shivram said.

He was speaking on the occasion of BIS awarding the first Hallmark Certification in Karnataka to the Bangalore-based Krishniah Chetty & Sons Limited.

BIS has already set up five Assaying and Hallmarking Centres across the country in Delhi, Bombay, Ahmedabad, Madras, and Cochin.

"Till date, around 15 jewellery manufacturers had responded to the scheme, and many more are forthcoming willingly to get certified for selling hallmarked gold to ensure its quality and purity," said BIS Director and Head of Bangalore branch.

Jewellers certified by the BIS will have a license to get their jewellery assayed and hallmarked by any of BIS' five centres.

"Hallmarked gold jewellery will be available only at the retail outlets of the BIS certified jewellers/jewellery manufacturers."

Shivram also disclosed that gold consumption in the country would rise by 5-10 per cent during the current financial year on account of a good monsoon, and increasing purchasing power of the people, especially in the rural areas, where consumption is more than in the metros or urban areas. "The consumption of gold in India is directly related to good harvesting, marriages, and festivals."

As the largest consuming country in the world, India consumed a record 850 metric tonne of gold during 1999, and despite its diminishing returns as investments, the yellow metal continues to lure the people all the more on account of slump in the prices.

"With increasing use of gold as a fashion accessory and for value-addition as in the case of wrist watches and ornaments, gold is back in the reckoning along with the glittering diamonds," Shivram stated.

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