Page 30 - Bullion World Issue 5 Sep 2021

INDIA news
Bullion World | Issue 05 | September 2021

Gold smuggling

pegged at 300

tonnes annually

‘Government losing ₹20,000 cr in
revenues’

The Indian Gold Policy Centre has
estimated gold smuggling into the
New Hallmark Rules In India: How It Is country at 300 tonnes per annum,

Impacting Gold Buyers and Why It Becomes leading to a revenue loss of ₹20,000
crore as high import duty has led to
Tough For Jewellers? high unofficial gold trade.

The recent hallmarking rules have reformed the gold jewellery segment in The flourishing unofficial gold trade has
India. The union government came up with new rules that have obliged the cast a cloud on the government effort
jewellery sellers to sell gold with hallmark. But for now, jewellers can continue
to buy old gold jewellery back even without a hallmark from the consumers. to organise bullion and jewellery trade,
The 20, 23 and 24 carat gold will also be hallmarked.From now on this will said the IGPC, a centre of excellence
give people the assurance of buying pure gold. Hallmarking of gold jewellery at the Indian Institute of Management-
assures buyers purity of the precious metal. Presently, only 30% of the Indian Ahmedabad, sponsored by World Gold
Gold Jewellery is hallmarked. The new rules are expected to improve the Council.
segment and make it more professional and authentic. Also, the World Gold
Council has informed that India has around 4 lakh jewellers. But out of them,
only 35879 are Bureau of Indian Standards (BIS) certified. Source: https://www.
thehindubusinessline.com
In addition to that, a Hallmarking Unique ID or HUID has been created for
each hallmarked jewellery piece. HUID is a six digit alphanumeric code. This
ID will be given at the time of hallmarking. This is in the eye of all the new
chaos. Some of the industry insiders are saying that is HUID is delaying the
process of jewellery certification.The government has decided to implement
this in 256 districts in the first phase.

Source: https://www.goodreturns.in

Changes made

to Bureau of

Indian Standards'

hallmarking

scheme

With the Government of India making hallmarking of gold jewellery mandatory from June this year, jewellers have been
complaining of certain issues. To address the problems faced by jewellers, the Bureau of Indian Standards (BIS) has given
relaxation in hallmarking.

According to the bureau, the order has been made applicable only in 256 districts in India where BIS recognised Assaying and
Hallmarking Centres (AHC) are available. "In Kerala, all districts are covered except Idukki," said BIS officials with the Kochi office.

Source: https://www.newindianexpress.com

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