Page 42 - Bullion World Issue 3 July 2021

INDIA news Government
Bullion World | Issue 03 | July 2021

makes hallmarking

of gold jewellery

must - know what

it means

To ensure the purity of gold and standard
rates for customers, the government has
made hallmarking of gold jewellery a must.
According to the government, the plan will
be implemented in a phased manner in 256
districts at the first go.

India’s gold revamp pushes on as
spot trading inches closer

India is moving closer toward standards and bolster confidence
setting up spot contracts for gold, among consumers.
finalizing rules for trading and
providing the world’s second- The Securities and Exchange
biggest consumer a firmer grasp Board of India, the regulator
over setting the price of bullion. appointed by the government, has
proposed a new framework laying
The gifting of gold at weddings out the role of spot exchanges,
and festivals, and its purchase as assayers, vaults and traders
a store of value are deeply held and the policy is open for public
traditions in India, and the country feedback till June 18.
has been trying to overhaul its Gold hallmarking is a purity certification
fragmented gems and jewelry Source: https://economictimes. that has been voluntary so far. Hallmarking
industry to make supply more indiatimes.com means gold can now be resold at standard
transparent, help enforce purity rates and there will be uniform gold valuation
against the hallmark. Only around 40% of
gold jewellery was hallmarked until now.

NBFCs auction record volume With the introduction of the new norm,
jewellers will be allowed to sell only 14, 18
of pawned gold, warn of crisis and 22 carats of gold jewellery. Gold of 20,
for banks in Q2 23 and 24 carats will also be allowed for
hallmarking.

Gold loan-focused non-banks pandemic, among the many Source: https://www.dnaindia.com
like Manappuram Finance measures the Reserve Bank
have auctioned a record 1 announced to alleviate the
tonne, worth Rs 404 crore, of financial distress of the public,
the pawned gold in the last one was to allow banks to offer
quarter of 2020-21, indicating 90 per cent of the value of gold
deepening distress among the in loans. This helped millions
public due to the pandemic of households, as it came
and have warned that banks amidst a massive spike in gold
are headed to an NPA crisis prices, which had crossed Rs
from September quarter when 5,600/gram in the peak of the
gold loans with one-year pandemic last year.
tenure mature.
Source: https://www.
During the first wave of the business-standard.com
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