Page 9 - Bullion World Issue 10 February 2022_Neat

Bullion World | Issue 10 | February 2022

dore bars can come inside India, it
can increase refining, and "Make in
India" initiative can also be met.

Another issue is the consignment
duty is fixed every 15 days, but
the refineries have to pay duty
with every transaction. If the
duty structure can be fixed, the
refineries can work smoothly for 12
months. The refinery segment will
get motivation through this, and in
the upcoming years, it may be that
"make in India" bars will be on the
mainstream.

Your comments on the Spot
exchange?
AGRM welcomes the spot
exchange as the international,
More than 70% of pieces of my opinion, hallmarking should be launching shortly; this will lead to
jewellery are hallmarked under compulsory in B to C and not B to fair price discovery. We want the
this channel. So, the hallmarking B. B to B should be voluntary. bullion dealers to be brokers so that
centres, especially in the 2 tier the material gets supplied to the
cities dependent on the local Another add-on is that since HUID jewellers through this channel.
jewellers, the pieces of jewellery has become compulsory, there
received in these centres are has been an increase in workforce How was the experience in IGC
already hallmarked, so the volume and machinery, which has incurred 2021?
of their work has reduced, resulting the recurring cost. Since the I have been coming to this
in less payment. The monthly price of hallmarking each piece conference for the last 8-10 years.
expenses to run a hallmarking of jewellery has been stagnant for It is always great to be here as it
centre are around 3.5 lakhs, the last four years is Rs 35, now it brings us a lot of information which
including the staff's payment. With should increase to nearly Rs 100, is currently going on in the market,
less volume coming, their earnings then it will boost the morale of the and we get to know the thoughts
have reduced. The expenses for hallmarking centres, which will lead of individuals by meeting them.
them have become exorbitant. to ethical issues practices. We meet the whole fraternity of
So, in 2-3 months, when the Gold in here. I feel the one dealing
hallmarking centres cannot meet You are associated with AGRM. in bullion should be a part of this
their expenses, they surrender their What are the challenges which conference.
license, then the government is you have come across recently?
bound to take off the hallmarking Under AGRM, there are
centre within that city. Now in currently 44 refineries that are
256 districts, where hallmarking BIS recognized with NABL
is compulsory, the districts will accreditation. The major challenge
keep on reducing if such problem is the Gold coming to the refinery;
of receiving hallmarked items there is a requirement for a
continues in the 2 tier cities. mining origin certificate. So if
Government should think about the government encourages the
how to mitigate this problem. In workability of the miner, then easily

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