All that glitters will be gold soon! Govt to make hallmarking mandatory

| Monday, June 13, 2016 - 17:09
First Published |
All that glitters will be gold soon! Govt to make hallmarking mandatory

All that glitters will be gold soon!

New Delhi: The government is mulling to make the hallmarking mandatory for the gold jewellery shops across the country.
Union Consumer Affairs Minister Ram Vilas Paswan said,"Once the hallmark system becomes mandatory, jewellers will be made accountable and jewellery shops will have to sell hallmarked, certified gold jewellery".
There have been widespread reports of unscrupulous dealers passing on substandard gold jewellery to the customers at higher prices. Even if the purchase is made from a reputed jeweller, customers today are not sure of its purity. In India, gold has a lot of religious and traditional values attached to it hence, it is also used as a hedging instrument. 
The Bureau of Indian Standards (BIS), under the new act can order recall of products not conforming to standards, in addition to cancellation of licence of the manufacturer.
Welcoming the government's move, Praveen Khandelwal, national secretary general of the Confederation of All India Traders (CAIT), said, "This is a good step for consumers. But, proper workshop and training for small-time jewelers will be needed to make it successful. Otherwise, the small-time jewellers will remain dependent on big jewellers for the hallmarked stuff. Moreover, there should be variable standards of hallmarking so that even poor people can get jewellery of their choice."

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